Gund Arena Sold

The Cleveland Cavaliers NBA team – currently on top of the league’s Central Division – has been sold along with its home, the Gund Arena, for $375 million.

Dan Gilbert of Detroit, founder of Quicken Loans, will assume ownership of the 20,000-seat venue and the basketball team once the league’s Board of Governors approves the sale.

Former owner Gordon Gund will retain a minority interest of no more than 10 percent, according to an anonymous source.