Mortgage Magnate Buys Cleveland Cavaliers

Dan Gilbert, the founder of Quicken Loans, has reached a deal with the owner of the NBA team the Cleveland Cavaliers to buy the franchise. The Cavaliers have become hugely popular this season after signing LeBron James.

Quicken Loans is the United States' largest online mortgage company. Financial details of the agreement between the group headed by Gilbert and Cavs' owner Gordon Gund. Reports state the deal is worth $375. Gund bought the Cavs for US$20 million.