Cavs owner buys Cleveland Gladiators arena football teamPosted by Inside Hoops
Dan Gilbert’s Cavaliers group has purchased ownership stake in the Arena Football League’s Cleveland Gladiators. An official announcement will be made at a news conference Tuesday that is scheduled to include Cavaliers President Len Komoroski, Gladiators special adviser Bernie Kosar and the Gladiators’ most recent owner, Jim Ferraro.
Pending league approval, the Cavaliers almost certainly will become majority owner of the Gladiators, and possibly sole owner. The presence of Ferraro on Tuesday indicates he might retain a small percentage.
Two weeks ago, the Cavaliers group confirmed interest in acquiring the AFL franchise. Last Monday, Ferraro said that he was in “serious” negotiations to sell to Gilbert. Ferraro said that, if an agreement were to be reached, it likely would happen by early this week.
The Gladiators will begin training camp in February; the first practice is Feb. 20. They open the season March 12 at Georgia and at home March 26 against Kansas City.
– Reported by Dennis Manoloff of the Cleveland Plain Dealer