"The deal that may give a group of Chinese investors a minority stake in the Cleveland Cavaliers
and its arena signals the first significant investment in a major American sports franchise by investors from China. The Cavaliers, who are led by LeBron James, the N.B.A.'s most valuable player this season and perhaps its biggest star, said they agreed over the weekend to sell a 15 percent stake in the franchise and its Quicken Loans Arena to the group, which is led by Kenny Huang, a Chinese-born investor who has also brokered marketing deals with the Yankees and the Houston Rockets, and a Hong Kong conglomerate. The deal must be approved by the league's board of governors. If the sale is ..."
and its arena signals the first significant investment in a major American sports franchise by investors from China. The Cavaliers, who are led by LeBron James, the N.B.A.'s most valuable player this season and perhaps its biggest star, said they agreed over the weekend to sell a 15 percent stake in the franchise and its Quicken Loans Arena to the group, which is led by Kenny Huang, a Chinese-born investor who has also brokered marketing deals with the Yankees and the Houston Rockets, and a Hong Kong conglomerate. The deal must be approved by the league's board of governors. If the sale is ..."see details: http://www.nytimes.com/2009/05/26/sports/basketball/26nba.html?_r=1&ref=basketball
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