Browns defensive end Myles Garrett has purchased a minority stake in the Cleveland Cavaliers. Here’s what you need to know:
- Garrett, in his seventh NFL season, has spent his entire career with the Browns and is a four-time Pro Bowler and four-time All-Pro.
- The 27-year-old is in the midst of one of his best seasons with 7 1/2 sacks, three forced fumbles and a pass deflection through just six games.
- In addition to his team stake, he will also serve as an official Cavaliers brand ambassador.
Welcome to the family, Myles.✨
LEARN MORE: https://t.co/H7LVh8BmHi pic.twitter.com/KIldy3QYxG
— Cleveland Cavaliers (@cavs) October 25, 2023
Why this makes sense for Garrett
This is obviously big Cleveland news. Garrett and the Cavaliers are two big institutions in the city. This allows the Cavaliers to bring in a well-liked, All-Pro player into their franchise in some sort of way. Garrett won’t just be a minority investor, he’ll also be a brand ambassador. Heck, he might be able to play a few minutes at power forward if the Cavs ever need him.
For Garrett, this seems like a good opportunity to buy into an NBA franchise. This summer, the league lowered the limit on how small of a stake someone can own in an NBA franchise to 0.5 percent. The Cavaliers have a $1.95 billion valuation according to Sportico, but as is well-established by now, those valuations keep going up. — Mike Vorkunov, NBA business writer
What they’re saying
“I have admired the Cavaliers organization’s hard work, tenacity and dedication to the community since my early days in Cleveland,” Garrett said in a statement. “To have the opportunity to join this impressive and purpose-filled franchise, under Dan’s leadership, is truly a dream come true.”
Cavaliers principal owner Dan Gilbert called Garrett a Cleveland icon in a news release.
“As a leader on and off the field, Myles has become a Cleveland icon and shares in our organization’s commitment to being a transformative force for good across the region,” Gilbert said. “We are honored to welcome this long-time friend of the team as our new partner and investor. Myles’ passion and commitment to the city he loves will allow us to reach new communities and continue to build the successful future of this franchise.”
(Photo: Jason Miller / Getty Images)