Gordon Gund is an entrepreneur and investor with a passion for innovation and growth. He co-founded Genentech, a biotech company that revolutionized the field of genetic engineering.
Gund's entrepreneurial spirit led him to take risks and invest in cutting-edge technologies. This approach enabled Genentech to become a leading player in the biotech industry.
As a seasoned investor, Gund has backed numerous startups, providing them with the resources and expertise needed to succeed. His commitment to innovation has had a lasting impact on the industry.
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Sports Ventures
Gordon Gund's sports ventures are a fascinating aspect of his career. He purchased the Cleveland Cavaliers from Ted Stepien for $20 million in 1983.
Gund's ownership of the Cavaliers was marked by a significant increase in attendance figures. The team enjoyed a period of competitiveness on the court, and their attendance figures rose accordingly.
Gund Arena, built in 1994, replaced the Coliseum and helped maintain high attendance figures for the team. The Cavs had the highest attendance figures in franchise history in 15 of the last 16 seasons.
Gund made a notable move by drafting LeBron James with the first-overall pick in the 2003 NBA draft. This move helped rejuvenate interest among the fan base and is considered one of the highlights of his ownership.
Gund sold controlling interest of the team to Dan Gilbert in 2005, but maintained a minority ownership stake. He later benefited from the team's 2015-16 championship season as a minority owner.
Business and Finance
Gordon Gund has significant investments in public companies, including Kellogg's, where his family owns 6.3% of the company.
He and his family also have a substantial stake in Align Technology, holding 5.6% of the company.
Forbes estimated his family's net worth at $3.5 billion in 2015, and they have committed to giving a majority of their wealth to philanthropy through The Giving Pledge, which they signed in 2014.
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Business
The Gunds' business savvy was evident in their acquisition of the Cleveland Cavaliers from Ted Stepien for $20 million in 1983. They paid a cash sum for a first-round selection in each of the subsequent four NBA drafts to recover the ones traded away by Stepien.
Their investment paid off as attendance figures started to rise under their ownership, and the Cavs enjoyed a period of competitiveness on the court. The team had the highest attendance figures in franchise history in 15 of the last 16 seasons.
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The Gunds also expanded the Cavs' presence in the city by building Gund Arena, which replaced the Coliseum in 1994. This move helped keep the team in Cleveland and at the Richfield Coliseum.
Gund Arena became a cornerstone of the redevelopment of Downtown Cleveland, bolstered by other attractions like Jacobs Field and the Rock and Roll Hall of Fame. The arena hosted the 1997 NBA All-Star Game and brought hockey to the city with the revived Cleveland Barons.
In 2005, the Gunds sold controlling interest of the team to Dan Gilbert, maintaining a minority ownership stake for themselves. This move allowed them to reap the rewards of the team's future success, including the 2015-16 NBA championship.
Investments and Net Worth
Gund's family has significant investments in public companies such as Kellogg's, holding a 6.3% stake.
Their investment portfolio also includes Align Technology, with a 5.6% ownership stake.
In 2015, Forbes estimated Gund's family net worth at $3.5 billion.
Gund and his wife committed to giving a majority of their wealth to philanthropy by signing The Giving Pledge in 2014.
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Biography
Gordon Gund is a highly accomplished individual with a long history of founding and leading successful companies.
Gund Investment Corp. was founded by him in 1968, and he served as its Chairman from 1968 to 2012.
Dr. Gund is also the founder of The Foundation Fighting Blindness, Inc.
He currently holds the position of Chairman at Cavaliers Operating Co. LLC in Ohio.
Dr. Gund received his undergraduate degree from Harvard University in 1961.
Frequently Asked Questions
Is the owner of the Cavs blind?
No, the owner of the Cavs, Gordon Gund, is not blind, but he has a degenerative disease called retinitus pigmentosa that causes blindness.
How much is the Gund family worth?
The Gund family's net worth is approximately $3.4 billion, not including assets that can't be traced to them. However, their foundation's grants total $632 million, sourced from investment earnings, not their personal wealth.
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