Last Updated on June 16, 2026 by Mat Diekhake
The Cleveland Cavaliers have had relatively few ownership changes since joining the NBA as an expansion franchise in 1970. Each ownership era has played a significant role in the team’s growth, from its early years to its emergence as an NBA champion.
Nick Mileti (1970–1980)
Nick Mileti founded the Cleveland Cavaliers and became the franchise’s first owner when the team entered the NBA in 1970. Under his leadership, the Cavaliers established themselves in Cleveland and made their first playoff appearance in 1976, highlighted by the memorable “Miracle of Richfield” season.
Ted Stepien (1980–1983)
Businessman Ted Stepien purchased the Cavaliers in 1980. His tenure is widely remembered for a series of controversial personnel decisions and trades that weakened the franchise. The long-term impact of those moves eventually led the NBA to create the “Stepien Rule,” which prevents teams from trading away first-round draft picks in consecutive future drafts.
George and Gordon Gund (1983–2005)
Brothers George Gund III and Gordon Gund acquired the Cavaliers in 1983 and brought much-needed stability to the organization. During their ownership, Cleveland became a consistent playoff team and enjoyed successful eras led by players such as Mark Price, Brad Daugherty, and Larry Nance. The Gunds also played a key role in securing the construction of what is now known as Rocket Arena.
Dan Gilbert (2005–Present)
Dan Gilbert purchased the Cavaliers in 2005 and remains the franchise’s principal owner. His tenure has been the most successful in team history, highlighted by the return of LeBron James in 2014 and the team’s first NBA championship in 2016.
Under Gilbert’s ownership, the Cavaliers reached multiple NBA Finals and became one of the league’s premier franchises during the 2010s. He has also overseen significant investments in the team’s facilities, operations, and long-term development.
Conclusion
The Cavaliers’ ownership history consists of four primary eras: founder Nick Mileti, Ted Stepien, George and Gordon Gund, and current owner Dan Gilbert. While each ownership group left its mark on the franchise, Gilbert’s tenure has produced the greatest success, including Cleveland’s first NBA championship.