Another sign of the global appeal of the NBA and the weak US dollar. Chinese Investors to purchase major stake in the Cleveland Cavilers.
http://sports.espn.go.com/nba/playoffs/2009/news/story?id=4202661Sunday, May 24, 2009
Report: Chinese investors eyeing CavsESPN.com news services
The popularity of the NBA in China has soared on the back of Yao Ming in the Houston Rockets center's seven years in the league.
A Chinese investment group appears to be banking on LeBron James as it looks to return the favor.
According to a report in The Plain Dealer of Cleveland, the Cleveland Cavaliers have reached a tentative agreement with a group of Chinese businessmen for a significant stake in the company that owns and operates the Cavs and Quicken Loans Arena.
Citing multiple sources within the Cavs, a consortium led by JianHua (Kenny) Huang, a businessman renowned for linking American and Chinese companies, is poised to join the Cavaliers' ownership group.
"Dan Gilbert has been approached multiple times over the past few years by investors that wanted to join the Cavs' ownership group," Len Komoroski, Cavs and Quicken Loans Arena president, said in a statement, according to The Plain Dealer report.
"This has recently happened again. As has been done previously, we're in the process of reviewing the possibility presented to us. Beyond that, we do not feel it would be appropriate to give further comment at this time."
James, in his sixth season with the Cavs, has one year remaining before he could become a free agent.
A stake by Huang's group could go far in securing the financial stability of the Cavaliers' organization -- in turn giving the Cavs needed bargaining room as they seek to re-sign James. The group's appeal also extends to its ability to better tap into a coveted Chinese marketplace.
With Gilbert at the helm, the Cavaliers' ownership also includes real estate developer Jeff Cohen and Detroit-based mall developer Nate Forbes.
Cavs general manager Danny Ferry hosted Huang and others from his group during a tour of Quicken Loans Arena on Friday before Game 2 of the Eastern Conference finals, the report said.
They were in attendance for Games 1 and 2, the Plain Dealer reported, and Huang was a guest in Gilbert's courtside box for a Game 2 that featured James' buzzer-beating 3-pointer. The 96-95 triumph evened the series with the Orlando Magic at 1-1.
Topic: So much for becoming America's team (Read 1779 times)