Gund sells Cavaliers to Quicken founder

Cleveland — Dan Gilbert, founder of the nation’s largest online mortgage company, bought the Cleveland Cavaliers for $375 million Monday from owner Gordon Gund, inheriting a team that is soaring to new heights with LeBron James.

Gilbert, founder of Quicken Loans, heads a group of investors that will assume ownership of the Cavaliers and operational control of the Gund Arena once the league’s Board of Governors approves the deal.

Gund and his brother George bought the team from Ted Stepien in 1983 for $20 million. Gordon Gund will maintain a minority stake of at least 10 percent.

Gilbert, 42, began building his business in his first year of law school when he invested $5,000 to launch the online mortgage business Rock Financial. In 1998, he sold the company for $370 million but bought it back four years later. According to Forbes, Rock Financial closed mortgages totaling more than $12 billion last year.

Gilbert failed in an attempt to buy the Milwaukee Brewers last year.

Sacramento guard has wrist surgery

Sacramento, Calif. — Kings guard Bobby Jackson is expected to miss the rest of the regular season after undergoing surgery Monday to repair a torn ligament in his left wrist.

Two pins were placed in Jackson’s bone to stabilize the ligament, which was injured early in the season. He hasn’t played since aggravating the injury last month during a game against Washington.

Jackson’s wrist will be in a cast for eight weeks, followed by eight weeks of gradual rehabilitation, the team said in a statement. According to that schedule, Jackson wouldn’t be able to return before April 23.

Jackson, the Kings’ top reserve and the NBA’s best sixth man in 2002-03, averaged 12.3 points, 3.4 rebounds and 2.2 assists in 23 games this season, but this is his third straight campaign with a major injury.

He missed 21 games with a broken left hand during the 2002-03 season, then missed 28 of the Kings’ final 29 regular-season games and last season’s playoffs with a strained abdominal muscle.