Reuters reports:
A Michigan investment firm has finalized a deal to sell its 15 percent stake in the Cleveland Cavaliers to a group led by Kenny Huang, bringing LeBron James’ team a step closer to adding the National Basketball Association’s first big Chinese investor.
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’s end. The terms of the deal were not disclosed.
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