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Sports And Mortgages
Dan Gilbert is looking forward to mixing business and pleasure.
At age 14, Gilbert and a
friend
managed a Little League
Special to the Jewish News
baseball team, surprising the
adult managers by winning the
_4.;.....
.
I) an Gilbert of Franklin, a pio-
league championship in two
o
neer of direct-to-consumer
out of four years. Gilbert never
online mortgages and a self-
really played organized sports
described sports nut, is close to realizing
himself, but now lifts weights,
his lifelong dream of owning a profes-
bench pressing 310 pounds.
sional sports franchise.
Asked whether Gilbert is
Industrialist/philanthropist Bill
making the right decision to
Davidson of Bloomfield Hills, one of
buy into the NBA, Detroit
the seven other Michigan owners of
Pistons owner Davidson said,
major professional sports teams, is ready
"No comment."
to help Gilbert make the transition. But
Factors for Gilbert to consid-
Davidson is cautiously reticent about
er
are the arrogance and surli-
whether he thinks Gilbert is doing the
ness
of many of the millionaire
right thing.
players;
the moral turpitude of
Gilbert, 43, is the self-made multi-
some of them; the crude lyrics
millionaire chairman of Quicken Loans,
of a few players who
Inc., the nation's largest online home
have recorded rap
mortgage lender, and home mortgage
music; the fact that the
company Rock Financial, both of
LeBron
James
goes
for
the
league's labor contract
Livonia. He's awaiting approval by team
basket
against
the
Charlotte
is expiring at the end of
owners in the National Basketball
Bobcats
on
Jan.
11.
this season; and the
Association to buy controlling interest in
infamous brawl at the
the Cleveland Cavaliers.
Palace of Auburn Hills
Cleveland's Gund family bought the
in November that
Cays for $20 million in 1983 and
"I've been in business
resulted in player sus-
reportedly are selling the team to Gilbert with him for 15 years, and
pensions
and a "black
and other investors for $375 million.
we've never had to do any-
eye"
for
pro
basketball;
"We consider it an honor and a privi- thing by contract; every-
plus
other
factors
lege to obtain ownership of the
thing is informal, with a
involved in being an
Cavaliers," Gilbert said.
handshake."
NBA
owner.
Some 15-20 other businessmen are
Cohen said Gilbert's
The sport has been
buying minority shares of the team. And notoriety keeps bringing
characterized by Forbes
Dan Gilbert
they're seeking more investors — prefer-
real estate deals into Rock
magazine,
a national
ably from the Cleveland area.
Equities, which has 70
business
publication,
as
"Success for me will be winning a
employees. "We get three or four valu-
a
$3
billion
a
year
business.
championship ... while spending a rea-
able deals a week because everyone
"We're enthusiastic about Dan Gilbert
sonable amount of money ... and being
wants to do business with Dan," he said.
coming
into the NBA, and we'll be
innovative in terms of running the busi-
The highly competitive Gilbert is an
happy to help him make the transition
ness," Gilbert stressed.
avid Detroit Lions fan, and his Quicken
as an owner but, other than that, I have
One of the other investors is Jeff
Loans-sponsored race car won the
no comment," said Davidson, who
Cohen of West Bloomfield, who has
Indianapolis 500 in his first attempt in
known Gilbert since childhood in
2003. He tried unsuccessfully to buy the bought the Pistons in 1974. Davidson
said Gilbert hasn't sought his advice on
Southfield and who is now president of
Milwaukee Brewers baseball team last
being an owner.
Rock Equities, Gilbert's real estate devel-
year. As the largest shareholder of the
If the $375 million purchase price for
opment branch.
Rawlings Sporting Goods Co., of St.
the
Cays is accurate, Gilbert will own a
"Dan always does the right thing,"
Louis, he also just missed taking over
team with the fourth highest purchase
said Cohen. "He's honorable, leads by
that firm a few years ago.
price in the NBA. The Los Angeles
example and is a great philanthropist.
"He loves sports and has always
Lakers and New York Knicks are worth
He's the kind of guy you would want
longed to own a professional team," said
about $450 million each, followed by
with you in a foxhole.
Cohen.
BILL CARROLL
the Phoenix Suns, sold last year for
about $400 million, according to Forbes.
Davidson was quick to downplay the
recent report that Gilbert and some
friends were charged in 1981 with sports
gambling while students at Michigan
State University, resulting in fines, pro-
bation and community service for all of
them. Gilbert termed it a "youthful
indiscretion." Davidson called it "much
ado about nothing."
"It won't have any effect on his pend-
ing approval by NBA owners,"
Davidson said. "I haven't talked to any
of them, but I'm confident it will be
okay."
Owning the Cays will not halt Rock
Financial's role as presenting sponsor of
all Pistons games. "We hope to build
championships in Cleveland, but there's
no conflict with our Rock Financial
sponsorship of the Pistons," said Gilbert.
"That marketing relationship will con-
tinue."
Davidson echoed that sentiment, say-
ing he saw "no conflict between the
two."
Another youthful NBA owner, Mark
Cuban of the Dallas Mavericks, praised
Gilbert for being "smart enough to
obtain presenting sponsorship for a team
like the (NBA champion) Pistons. I'm
sure he's up to the challenges of being an
NBA owner."
Gilbert has been going to Cleveland
to attend some Cays games. The team
includes one of the NBA's biggest stars,
20-year-old LeBron James, who has
helped make the Cays a contender this
year. Gilbert also had an informal meet-
ing with David Stern, the Jewish NBA
commissioner.
Gilbert has been busy filing the neces-
sary paperwork with the NBA to com-
plete the ownership process; approval of
23 of the 30 owners is needed.
If Gilbert is approved, it will mean
that Cleveland once again will have a
Jewish owner of a professional sports
team. The football Browns were owned
by Art Modell.
SPORTS
on page 48
"TN
2/ 3
2005
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