Dan Gilbert part of group that could purchase Sports Illustrated
Cleveland Cavaliers owner Dan Gilbert is pursuing a lucrative new business venture. Gilbert is part of an investment group that is interested in purchasing Sports Illustrated. The group also includes author and motivational speaker Tony Robbins.
According to Amico Hoops, Sports Illustrated has been struggling in recent years. The magazine has been a pioneer in the sports writing industry for over for decades. However, many of its top writers have either retired or found work elsewhere.
The brand’s lead NBA writer, Lee Jenkins, recently accepted a front office job with the Los Angeles Clippers. Due to lack of financial support, Sports Illustrated changed its traditionally weekly releases into a biweekly affair. If it is sold, it may be released even less frequently.
From the New York Post:
“One of the plans being considered would be to further cut the frequency of Sports Illustrated — the one-time weekly, which was cut back to 26 issues earlier this year. Plans being mulled include monthly frequency augmented with special issues, such as swimsuit and sports preview issues and others tied to events like the Super Bowl.”
Gilbert is the founder of both Quicken Loans and Rock Ventures. He bought the Cavaliers back in 2005 for $375 million, which is less than half of what the franchise is worth today. Gilbert has a smart group of business savvy partners that are analyzing this opportunity with him.
It’s possible that they could help this current Meredith Corporation company out of a financial hole. Under new ownership, Sports Illustrated will undergo an interesting transformation.