China Investors Make Deal For Stake In NBA Cavaliers

From AFP:

Cleveland Cavaliers majority owner Dan Gilbert has signed an agreement to sell a minority stake in the National Basketball Association team and its arena to a group of Chinese investors.

A Chinese group led by Huang JianHua, a Chinese businessman known as Ken Huang who has a reputation for linking US and Chinese companies, is in position to obtain up to 15 percent of the Cavaliers.

The deal must still be approved by league owners but Len Komoroski, the Cavaliers’ team president, said Sunday the team was approached by the Chinese group and called the venture “an exciting new opportunity.”

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