• Loading stock data...
Sunday, February 16, 2025

Cavs’ Gilbert Soars Up List of Richest Team Owners

  • Dan Gilbert saw his net worth grow 700% since last year, when his company Rocket Mortgage went public.
  • Rocket’s big year grew Gilbert’s fortune to $51.9 billion, placing him third among sports team owners.
David Richard-USA TODAY Sports/Design: Alex Brooks

The Cleveland Cavaliers have had a forgettable year, but their owner is flying high.

Dan Gilbert saw his net worth grow 700% since last year, when his company Rocket Mortgage, formerly Quicken Loans, went public in August. Rocket rode growth in the U.S. housing market to a huge fourth quarter, posting a 277% increase in profits. The company originated $320 billion in mortgages in 2020. 

Rocket’s big year grew Gilbert’s fortune to $51.9 billion, placing him third among sports team owners on Forbes’ list.

  • Second on the list is former Microsoft CEO Steve Ballmer, owner of the Los Angeles Clippers, with $68.7 billion. Ballmer’s net worth grew 30% in the last year.
  • The richest sports team owner is also the richest person in Asia: Mukesh Ambani, owner of the Mumbai Indians cricket team, which plays in the India Premier League. Ambani, whose net worth is $84.5 billion, is the majority owner of Reliance Industries, a massive multinational corporation with interests in energy, petrochemicals, textiles, and telecommunications, among other industries.
  • Globally, billionaires’ wealth grew $3.9 trillion from the start of the pandemic to the end of 2020.

Rocket Mortgage has naming rights on the Cavs’ arena and has been active in securing other sports sponsorships, particularly in racing and golf. The PGA Tour’s Rocket Mortgage Classic is planning its third iteration for later this year, and last week Rocket announced its sponsorship of the Indianapolis 500’s first all-female team.

All three of the richest owners may be bumped down the list at some point: Jeff Bezos is rumored to be interested in using some of his $185.1 billion to purchase an NFL team.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Feb 15, 2025; San Francisco, CA, USA; Osceola Magic guard Mac McClung competes in the slam dunk competition during All Star Saturday Night ahead of the 2025 NBA All Star Game at Chase Center

Mac McClung’s Dunk Contest Winnings Eclipse His NBA Guaranteed Salary

The three-time dunk contest champion has played just five career NBA games.
Feb 15, 2025; San Francisco, CA, USA; NBA commissioner Adam Silver speaks in a press conference during All Star Saturday Night ahead of the 2025 NBA All Star Game at Chase Center. Mandatory Credit: Cary Edmondson-Imagn Images

Adam Silver: ‘I’m Empathetic’ With Mavs Fans Angry After Luka Trade

The commissioner played down conspiracy theories about the Luka trade.
Feb 18, 2024; Indianapolis, Indiana, USA; Eastern Conference guard Damian Lillard (0) of the Milwaukee Bucks reacts after a play during the second half of the 73rd NBA All Star game at Gainbridge Fieldhouse.

The NBA’s Latest Attempt To Solve the All-Star Game Conundrum

A new mini-tournament on a lame-duck network may not solve the problem.
Oct 23, 2024; Miami, Florida, USA; Miami Heat president Pat Riley addresses the crowd during the Pat Riley Court dedication ceremony at halftime at Kaseya Center.

Here’s Where Pat Riley’s Three-Peat Trademark Money Goes

Riley has the phrase trademarked despite having no three-peat of his own.

Featured Today

Feb 15, 2025; Montreal, Quebec, CAN; [Imagn Images direct customers only] Team United States forward Matthew Tkachuk (19) and Team Canada forward brandon Hagel (38) fight in the first period during a 4 Nations Face-Off ice hockey game at the Bell Centre.

Inside the Push for the NHL’s Next Era of International Competition

Players have been clamoring, and the league is all in.
Aug 11, 2024; Paris, France; Medals are carried out on Louis Vuitton trays after the women's volleyball gold medal match during the Paris 2024 Olympic Summer Games at South Paris Arena
February 16, 2025

LVMH’s New Push: World’s Most Powerful Luxury Group Is Coming for Sports

LVMH is making long-term deals—and they’re not done.
Jan 9, 2025; Pittsburgh, Pennsylvania, USA; Edmonton Oilers center Connor McDavid (97) checks Pittsburgh Penguins center Sidney Crosby (87) during the third period at PPG Paints Arena
February 11, 2025

‘Important’ 4 Nations Face-Off Can Be NHL’s All-Star Antidote

“The stars have been lobbying the league for an event like this.”
Brady and Mahomes
February 8, 2025

Chiefs Fatigue Is Real. It’s Nowhere Near Patriots Hate Yet

People who have covered both teams say the difference is stark.
Dec 1, 2024; Landover, Maryland, USA; Washington Commanders general manager Adam Peters (L) talks with Commanders owner Josh Harris (R) on the field prior to the game against the Tennessee Titans at Northwest Stadium.

CEO Leaves $13 Billion Soup Company to Run Commanders

The new president will lead the planning and development of the team’s stadium.
November 15, 2024

Adam Silver Defends NBA Product Amid Sluggish Ratings

Silver said the NBA compares itself to “the biggest brands in the world.”
LPGA Commissioner Mollie Marcoux Samaan after the final round of golf during the CME Group Tour Championship at the Tiburon Golf Club in Naples, Fla., Sunday, November 19, 2023.
December 2, 2024

LPGA Commissioner Leaving After Brief Up-and-Down Tenure

Mollie Marcoux Samaan was hired in 2021.
Sponsored

How UBS Crafts Impactful Partnerships Across Sports, Arts, and Culture

As UBS continues to expand its impressive array of sports and entertainment partnerships, the company solidifies its position as a leader in wealth management.
November 11, 2024

Endeavor to Sell OpenBet, IMG Arena to Its CEO Ari Emanuel

The move is “a necessary step” as Endeavor seeks to go private.
May 22, 2024; Minneapolis, Minnesota, USA; Minnesota Timberwolves minority owners Marc Lore and Alex Rodriguez look on in the second half against the Dallas Mavericks during game one of the western conference finals for the 2024 NBA playoffs at Target Center.
October 23, 2024

A-Rod, Lore Deposit $940M As Wolves Ownership Hearing Nears

Rodriguez and Lore made a large escrow deposit in advance of a key upcoming arbitration hearing.
October 22, 2024

Dude Perfect CEO’s Task: Make the Dudes a Media Company

Dude Perfect’s new CEO wants fans to be able to experience the brand in person.
Feb 13, 2023; Beverly Hills, CA, USA; Disney CEO Bob Iger arrives at the 95th Oscars nominees luncheon at the Beverly Hilton in Beverly Hills, Calif. on Monday, Feb. 13, 2023.
October 21, 2024

Bob Iger’s Successor Won’t Be Named Until 2026

Iger’s current contract expires at the end of 2026.