Report: Dan Gilbert part of group that could buy Sports Illustrated

Billionaire Dan Gilbert, the Cleveland Cavaliers owner and a driving force in downtown Detroit's revival, is part of a group that's in "final negotiations" to buy Sports Illustrated, according to a report from the New York Post.

In addition to Sports Illustrated, the group — which reportedly includes Gilbert, a Franklin resident and Michigan State University graduate, and author and motivational speaker Tony Robbins — also is looking to buy Fortune and Money magazines from media conglomerate Meredith.

Meredith sold Time magazine for $190 million, and the Post reports Meredith is hoping to fetch at least $500 million for all four titles.

Gilbert is founder of Quicken Loans Inc. and has control of more than 90 downtown Detroit properties through his Bedrock Detroit firm.