China investor close to NBA Cavaliers' share

0 CommentsPrint E-mail Xinhua, December 15, 2009
Adjust font size:

Chinese investor Albert Hung went one step forward of nailing 15 percent stake of NBA Cleveland Cavaliers after a Michigan investment firm agreed to sell its share on Monday.

A Cavaliers spokesman declined to comment, but Cavaliers vice chairman David Katzman, whose Camelot Venture Group owns the stake being sold, said an all-cash deal was reached and should be approved by year end.

The terms of the deal were not disclosed.

It would make Hung the second largest shareholder in the team after owner Dan Gilbert, Katzman said. NBA owners are expected to vote on the deal in the next five to six weeks, an NBA spokesman said.

Reports first surfaced in May that a Chinese investor was buying a 15 percent stake in the Cavaliers, although those reports identified China-born American financier Kenny Huang. Katzman said that deal fell through and Hung's group was the third Chinese group with which he had negotiated.

Forbes magazine ranked the Cavaliers last week as the No. 5 most valuable NBA team at 476 million dollars. Gilbert and Katzman's group doubled team revenue in the first four years after buyingit in 2005, bringing the Cavaliers into the top five in revenue in the NBA, Katzman said.

Katzman told CNBC, which first reported the deal was finalized, that Hung has many connections in China and sponsorships of the team by Chinese companies are expected to rise.

It would mark the second major deal with an overseas investor involving an NBA team. In September, Russia's richest man, Mikhail Prokhorov, reached a deal to buy control of the NBA's New Jersey Nets.

PrintE-mail Bookmark and Share

Comments

No comments.

Add your comments...

  • User Name Required
  • Your Comment
  • Comments are moderated and generally will be posted if they are on-topic and not abusive.
Send your storiesGet more from China.org.cnMobileRSSNewsletter
主站蜘蛛池模板: 国产尤物在线视精品在亚洲| xxxxhd93| 香蕉app在线观看免费版| 欧美伊香蕉久久综合类网站 | 国产精品亚洲综合一区在线观看| 中文字幕乳授乳奶水电影小说| 欧美大香线蕉线伊人久久| 向日葵视频app免费下载 | 日本狂喷奶水在线播放212| 人妻尝试又大又粗久久| 青草娱乐极品免费视频| 国语自产精品视频在线区| 久久不见久久见免费影院www日本 久久不见久久见免费影院www日本 | 亚洲国产精品网| 精品国产一区二区三区色欲| 国产最爽的乱淫视频国语对| a毛片在线看片免费| 日本久久综合久久综合| 亚洲国产精品成人久久久| 波多野结衣中文字幕视频| 国产a级小龙女乱理片| 亚洲欧美另类视频| 天堂а√在线中文在线| 久久久xxxx| 欧美一区二区福利视频| 伊人久久精品无码AV一区| 草莓视频app在线播放| 国产精品夜间视频香蕉| x8x8在线观看| 引诱亲女乱小说| 久久久久国产一区二区三区| 欧美亚洲天堂网| 伊人久久大香线蕉亚洲五月天| 精品乱码一区二区三区在线| 国产亚洲精品美女久久久| 中文字幕制服丝袜| 在线观看二区三区午夜| 上海大一18cm男生宿舍飞机| 日韩免费观看一级毛片看看| 亚洲成在线观看| 男女一级免费视频|