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DynastyRG
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A Chinese investment group may acquire as much as 15% of the company that owns the Cleveland Cavaliers of the National Basketball Association and operates the Quicken Loans Arena, The Wall Street Journal reported.
The group includes JianHua Huang, an executive who has brokered sponsorship deals with the New York Yankees and other sports franchises in the U.S., the Journal reported.
The deal has been struck, subject to approval by the NBA board of governors, the Journal reported. Cavaliers principal owner Dan Gilbert would continue to oversee the organization, the Journal reported.
The wild card in the deal is the Cavaliers’ LeBron James, a 24-year-old top player who is eligible to become a free agent in summer 2010.
James has major endorsements and wants to broaden his business opportunities, and playing for a team with a Chinese affiliation may enable the player to tap into China’s huge consumer market, the Journal reported.
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