Cavaliers set to seal Chinese investment 16/12/2009 |
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Chinese businessman Albert Hung has agreed to buy a minority stake in the Cleveland Cavaliers.
The deal is expected to be approved by the National Basketball Association’s board of governors by the end of the year and, if it goes through, will mark the first major Chinese investment in an American sports franchise.
It has not been announced how much Hung will pay but his stake will represent the second-largest in the franchise.
Cavaliers vice-chairman David Katzman, whose Camelot Ventures group owns 15 per cent of the team, said: “This is a great milestone for ownership in general.”
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