Cavs/Gund Arena Co. history

Over the next several years, the Cavaliers improved dramatically, especially after moving to the Cleveland Coliseum, in Richfield, Ohio, in 1974.

In 1976, the Cleveland Cavaliers won the Central Division title and earned the team's first playoff spot.

In 1980, Mileti sold the Cavaliers to Ted Stepien.

Shortly after purchasing the Cavaliers in 1983, the Gunds changed the team colors from wine and gold to burnt orange and navy blue.

As a former co-owner with George of the Minnesota North Stars of the National Hockey League, Gordon and his brother were instrumental in building the franchise before its eventual sale in the spring of 1990.

At that time, Gordon and George were granted an NHL expansion team that began play as the San Jose Sharks for the 1991-92 season.

Since 1994, the team has played its home games at Quicken Loans Arena, which is shared with the Cleveland Gladiators of the Arena Football League and the Cleveland Monsters of the American Hockey League.

In October 1996, Gund was elected Chairman of the NBA’s Board of Governors and served in that capacity for three years.

In the summer of 2000, Gordon was selected by Director’s Alert as one of the Outstanding Directors in Corporate America.

After another disappointing season in 2002–03, the Cavaliers landed the number one draft pick in the NBA Lottery.

In 2005, Gordon Gund sold the majority share of the Cleveland Cavaliers to a group led by Dan Gilbert.

In 2006, however, the Cavaliers, led by LeBron James, returned to the NBA playoffs.

On July 8, 2010, James announced in a nationally televised one-hour special titled The Decision on ESPN that he would be signing with the Miami Heat.

On June 25, 2014, James opted out of his contract with the Heat, officially becoming an unrestricted free agent on July 1.