By Tom Withers
Associated Press

CLEVELAND -- An Internet casino operator said Wednesday it is willing to outbid a Detroit businessman for the Cleveland Cavaliers, an apparent publicity stunt that could possibly open a bidding war for the NBA team.

Casino Fortune, which bills itself as the world's oldest online gambling company, said it has submitted a letter to owner Gordon Gund that outlines its intent to buy the Cavaliers, who have experienced a financial windfall since the arrival of LeBron James.

Last week, Gund, who bought the Cavs in 1983 for $20 million, said he was in serious negotiations with a potential buyer.

Dan Gilbert, founder of Quicken Loans, has reportedly offered Gund approximately $375 million for the team and the operating rights to Cleveland's downtown arena.

Trinidad-based Casino Fortune claims it previously attempted to buy the Phoenix Suns for $380 million. It also sought a portion of Donald Trump's casino empire and tried to purchase a seat on NASA's space shuttle.

A Spokesperson for the casino said the casino company has proposed meeting with Gund and team executives next week.

Casino Fortune, which runs eight casinos in the Caribbean, Africa and Europe, wants to buy a professional sports team to raise its profile in the United States, where the majority of its clients live.

"We will buy this team and begin incorporating our brand into uniforms and perhaps the name of the team," Rose said.

Publication Date: 12-16-2004