CLEVELAND - Detroit mortgage magnate Dan Gilbert has reached agreement with owner Gordon Gund to buy the Cleveland Cavaliers, who have risen from the NBA's depths to unprecedented popularity since the arrival of star LeBron James.

Gilbert, founder of Quicken Loans, the nation's largest online mortgage company, will assume ownership of the Cavs and 20,000-seat Gund Arena once the deal is finalized by the league's board of governors.

Although financial terms of the purchase were not immediately known, Gilbert heads an ownership group that reportedly offered Gund $375 million. The price could be significantly lower since Gund, who along with his brother, George, bought the franchise from Ted Stepien in 1983 for $20 million, plans to keep a minority stake of the team.

However, Gilbert will be responsible for the club's day-to-day operations.

The Cavaliers are the fourth NBA team to be sold in the past year. The Phoenix Suns were bought by San Diego banking executive Robert Sarver in June for $401 million.

Gilbert said he has no plans to relocate the Cavaliers, a thought that had made Cleveland fans nervous when they heard Gund was selling the team.

"First, we will not be moving the Cleveland Cavaliers," Gilbert said. "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."

The 42-year-old Gilbert, who failed in an attempt to buy the Milwaukee Brewers last year, is getting the Cavaliers with their value and visibility higher than at any other time in the team's 35-year history.

James, the club's second-year star and the league's reigning rookie of the year, has put Cleveland back on the pro hoops map. The Cavaliers' once-sagging season-ticket base continues to grow and could see another substantial jump if the team - currently leading the Central Division - gets back to the playoffs for the first time since 1998.

Gund, whose family's roots are deep in Cleveland, has promised the city that any deal would include a promise in writing from the new owner to keep the team in Cleveland.