Dan Gilbert (businessman)

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Daniel Gilbert
Born(1962-01-17) January 17, 1962 (age 50)
Detroit, Michigan, U.S.
Alma materMichigan State University;
Wayne State University Law School
OccupationBusinessman, sports franchise owner, attorney
Children5
 
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Daniel Gilbert
Born(1962-01-17) January 17, 1962 (age 50)
Detroit, Michigan, U.S.
Alma materMichigan State University;
Wayne State University Law School
OccupationBusinessman, sports franchise owner, attorney
Children5

Daniel "Dan" Gilbert (born January 17, 1962) is the chairman and founder of Quicken Loans Inc., the majority owner of the National Basketball Association's Cleveland Cavaliers, the American Hockey League's Lake Erie Monsters, the Arena Football League's Cleveland Gladiators and the NBA Development League's Canton Charge. He is also the operator of the Quicken Loans Arena in Cleveland, Ohio [1] and chairman of Rock Gaming, which opened its first Horseshoe Casino in downtown Cleveland in May 2012.

Contents

Career

Quicken Loans

Dan Gilbert founded Rock Financial in 1985. The company grew into one of the largest independent mortgage lenders in the country and in the late 1990s, launched its Internet strategy and quickly positioned itself as the fastest growing direct mortgage lender on the Internet.[1]

In 2000, software maker Intuit Inc. purchased Rock Financial. The national web operation was renamed "Quicken Loans" and grew substantially as the leading provider of direct-to-consumer home loans on the Internet, offering mortgages in all 50 states. Gilbert remained at the company as its CEO. In 2002, he led a small group of private investors and purchased Quicken Loans and its affiliated national title company, Title Source, Inc., back from Intuit. To this day, Gilbert continues to serve as the chairman of Quicken Loans Inc.[1]

In 2010, Quicken Loans moved its headquarters and 1,700 of its employees to downtown Detroit, where Gilbert and the company are helping lead a revitalization of Detroit’s urban core. The company plans to move another 2,000 team members from the suburbs to the city over the next 12 months.[1]

Sports franchise ownership

Gilbert became majority owner of the Cleveland Cavaliers in March 2005 and undertook a complete overhaul of the front office, coaching staff, player personnel and game presentation.[2]

In 2007, Gilbert bought out the dormant Utah Grizzlies American Hockey League franchise, and moved them to Cleveland renaming them the Lake Erie Monsters. In 2011, Gilbert purchased the NBADL's New Mexico Thunderbirds, and moved them to Canton, Ohio (about an hour's drive from Cleveland) renaming them the Canton Charge, and becoming the Cavaliers' new D-League affiliate. In early 2012, Gilbert became the new owner of the Arena Football League's Cleveland Gladiators.

Gilbert received national attention on July 8, 2010, when NBA basketball player and NE Ohio native LeBron James announced that he was leaving the Cavaliers for the Miami Heat on a highly criticized[3] ESPN television special dubbed The Decision.[4] Following the special, Gilbert published an open letter to Cleveland Cavaliers fans on the team's website in which he strongly criticized how James made his announcement.[5]

On July 12, 2010, NBA Commissioner David Stern fined Gilbert $100,000 for his remarks in the letter.[6] Though some members of the media criticized Gilbert for this letter, many Cleveland Cavaliers fans embraced him for it and even offered to pay for the fine. Gilbert instead insisted to donate the money to charity.

Other businesses and investments

Gilbert is a founding partner in private equity group Rockbridge Growth Equity LLC (RBE). The partnership invests in growing businesses in the financial services, Internet technology, consumer-direct marketing, and the sports and entertainment industries. RBE has significant investments in Northcentral University, Protect America, Ready Financial, One on One Marketing, Connect America[7] and One Reverse Mortgage.[8]

In addition, Gilbert is a principal of Detroit Venture Partners, a venture capital firm that funds start-up and early-stage technology companies in Detroit.[9]

Gilbert is also invested and involved in the operation of several consumer-based technology-centered businesses, including Fathead, Veritix, Xenith, ePrize, StyleCaster and Quizzle.[1]

In November 2009, Gilbert and a group of partners successfully backed a state-wide referendum to bring casino gaming to Ohio’s four largest cities. Through a joint venture with Caesars Entertainment Corporation, the groups are developing and will operate urban-based casinos in both Cleveland and Cincinnati.[1] The first of the casinos, Horseshoe Cleveland, opened in May 2012.[1]

Gilbert launched Bizdom in 2007. The non-profit entrepreneurial academy trains, mentors and finances business builders in their start-up enterprises in the cities of Detroit and Cleveland.

Detroit initiatives

Quicken Loans moved its headquarters and 1,700 of its team members to downtown Detroit in August 2010, where Gilbert and the company are helping lead a revitalization of Detroit’s urban core.[1]

In 2011, Gilbert purchased several buildings in downtown Detroit, including the historic Madison Theatre Building,[10] Chase Tower and Two Detroit Center (parking garage),[11] the Dime Building,[12] First National Building[13] and four smaller buildings on Woodward Avenue.[14] In 2012, Gilbert's investment group purchased the former Federal Reserve Bank of Chicago Detroit Branch Building.[15]

When Quicken Loans and its family of companies complete their occupancy of several downtown buildings, it will employ approximately 6,500 full-time employees in Downtown Detroit.[16]

Personal life

Gilbert earned his bachelor's degree from Michigan State University, a Juris Doctor from Wayne State University Law School and is a member of the State Bar of Michigan.[1] He resides in Michigan with his wife and their five children.

References

  1. ^ a b c d e f g h i "Quicken Loans Leadership Profiles". QuickenLoans.com. http://www.quickenloans.com/about/press-room/management-profiles. Retrieved 2009-08-11.
  2. ^ "Cleveland Cavaliers Front Office Profiles". NBA.com/Cavaliers. http://www.nba.com/cavaliers/news/front_office.html. Retrieved 2011-04-22.
  3. ^ "LeBron James' Decision a Cruel Blow to His Hometown". AOL. http://www.aolnews.com/2010/07/09/lebrons-james-decision-a-cruel-blow-to-his-hometown/. Retrieved 2011-04-22.
  4. ^ "LeBron James' decision: the transcript". ESPN. http://espn.go.com/blog/truehoop/post/_/id/17853/lebron-james-decision-the-transcript. Retrieved 2011-04-22.
  5. ^ "Dan Gilbert letter: Cavaliers owner unloads on LeBron James". The Washington Post. http://voices.washingtonpost.com/wizardsinsider/2010/07/cavaliers-owner-dan-gilbert-un.html.
  6. ^ "Cavs Owner Dan Gilbert Fined $100K for LeBron Comments". SB Nation. 12 July 2010. http://www.sbnation.com/2010/7/12/1566461/cavaliers-dan-gilbert-fined-100k-lebron.
  7. ^ "Medical Alert | Medical Alert Systems". Connect America. http://www.medicalalert.com/. Retrieved 31 March 2012.
  8. ^ "Rockbridge Growth Equity Website". RBEquity.com. http://www.rbequity.com/. Retrieved 2011-04-22.
  9. ^ "Detroit Venture Partners' DNA". DetroitVenturePartners.com. http://detroitventurepartners.com/dna.html. Retrieved 2011-04-22.
  10. ^ "Quicken Loans Group Buys Madison Theatre Building". QuickenLoans.com. http://www.quickenloans.com/about/press-room/quicken-loans-group-buys-madison-theatre-building. Retrieved 2011-05-04.
  11. ^ "Dan Gilbert completes purchase of Chase Tower downtown, nearby parking garage". CrainsDetroit.com. http://www.crainsdetroit.com/article/20110407/FREE/110409928/dan-gilbert-completes-purchase-of-chase-tower-downtown-nearby-parking-garage. Retrieved 2012-02-13.
  12. ^ "Dan Gilbert to Buy Yet Another Building". Crain's Detroit Business. http://www.crainsdetroit.com/article/20110621/STAFFBLOG08/110629981/dan-gilbert-to-buy-yet-another-building. Retrieved 2011-09-26.
  13. ^ "Dan Gilbert Closes on First National Building". Crain's Detroit Business. http://www.crainsdetroit.com/article/20110830/FREE/110839991/dan-gilbert-closes-on-first-national-building. Retrieved 2011-09-26.
  14. ^ "Bedrock Real Estate Services, Dan Gilbert's Real Estate Arm". http://bedrockmgt.com. http://bedrockmgt.com/media.html. Retrieved 2012-02-13.
  15. ^ "Dan Gilbert buys Federal Reserve building in Detroit". freep.com. http://www.freep.com/article/20120130/BUSINESS06/120130030/Rock-Financial-Dan-Gilbert-Federal-Reserve-building-Detroit. Retrieved 2012-02-13.
  16. ^ "Quicken Loans Group Closes Purchase of both Chase Tower (Detroit) and Two Detroit Center Garage". QuickenLoans.com. http://www.quickenloans.com/about/press-room/quicken-loans-group-closes-purchase-of-both. Retrieved 2011-05-04.

External links