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Press Release

Quicken Loans Founder Dan Gilbert Confirms Contract Has Been Signed To Purchase Cleveland Cavaliers Basketball Team

Livonia, Mich. – Jan. 03, 2005 – Dan Gilbert, chairman and founder of the nation’s largest online home lender Quicken Loans and Michigan-based home mortgage company Rock Financial, confirmed today he is leading an investor group that has agreed to buy the Cleveland Cavaliers from current owner Gordon Gund. The deal is pending approval by the National Basketball Association.

Mr. Gund will retain a minority ownership position in the new ownership group but will not have responsibility for day to day operations.

Dan Gilbert made the following statement:

“First, we will not be moving the Cleveland Cavaliers. They will be staying put in downtown Cleveland right where they belong.

Second, we consider it an honor and a privilege to obtain ownership of the Cavaliers. A professional sports team has the responsibility to serve the community in which it resides. We will be reaching out in every way possible to the fans and community and intend to have a positive impact on as many people as we can.

Third, 41 years is a long time to wait for a championship. We will be committed to the fans of Cleveland sports to be as passionate and energized as they are about finally bringing a title home. This will be our focus and goal and will remain so as long as we own this team.

Our background is building winning teams in the business world. Our philosophy centers around two things: creating an environment and culture where our entire team can achieve their maximum potential and delivering a ‘world class’ experience to our clients, or in this case, our fans. We plan to bring this same philosophy to the Cavaliers organization. Every detail and every second counts and “execution” will be the name of the game at every level and in every corner of the organization.

We’ve learned a great deal about the Cleveland Cavaliers during the past weeks and have been very impressed by what we’ve seen, in particular the loyalty and dedication of all the Cavaliers/Gund Arena Company (CGAC) employees.

Mr. Gund and his staff also are to be commended for the professional way in which these negotiations have been handled and the over two decades of dedication and hard work they have put into building the solid foundation from where we are fortunate to take over.”

The closing of the deal will take place immediately following NBA approval.

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