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Dan Gilbert at the announcement for the purchase of One Detroit Center. Daily Detroit photo.

He won an NBA championship with his Cleveland Cavaliers, but can he also win a directionless internet company that some say has seen better days?

Recode.net is reporting:

Gilbert, who is fresh off a big win after his Cleveland Cavaliers bested the Golden State Warriors in the NBA finals, has the financial backing of Warren Buffett. The effort by Verizon, the telecom giant that has long been considered the front-runner for Yahoo, is being led by AOL head Tim Armstrong.

Those bids and others from private equity players such as TPG have ranged from about $3.5 billion to over $5 billion, depending on whether patent and real estate assets are included.

The final selection will happen around July 18.