[3] Earlier NHL-related business involvements included terms as president of the Cleveland Barons, chairman of the Minnesota North Stars, and partner with the California Golden Seals and the San Jose Sharks.
He and his younger brother Gordon purchased majority interest in the Cleveland Cavaliers from Ted Stepien for $20 million on April 7, 1983.
Stepien's Nationwide Advertising Service, Inc. and new cable television station Sports Exchange were also part of the sale.
[4][5] The transaction was approved by the National Basketball Association (NBA) Board of Governors one month later on May 9.
The league also arranged for the Gunds to pay a cash sum for a first-round selection in each of the subsequent four NBA drafts to recover the ones traded away by Stepien.