Report: Warren Buffett could bankroll Dan Gilbert's bid to buy Yahoo

Report: Warren Buffett could bankroll Dan Gilbert's bid to buy Yahoo

CLEVELAND, OH (WOIO) - There are reports Cleveland Cavaliers owner and Quicken Loans founder, Dan Gilbert is part of a group interested in purchasing Yahoo.

The report in Reuters also said billionaire, Warren Buffet could bankroll the deal.

"I'm an enormous admirer of Dan and what he has accomplished in Quicken Loans‎. Yahoo is not the type of thing I'd ever be an equity partner in. I don't know the business and wouldn't know how to evaluate it, but if Dan needed financing, with proper terms and protections, we would be a possible financing help," Buffett told CNBC.

Yahoo is a technology company headquartered in Sunnyvale, California. It is known for its web portal, search engine and related services.

In February, Yahoo CEO Marissa Mayer announced the company would auction off its internet business and cut 15 percent of its workforce. The company is also selling $1 billion to $3 billion in noncore assets, such as patents and property.

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