Message Board Basketball Forum - InsideHoops - View Single Post - China investor finalizes deal to buy part of Cleveland Cavaliers

insidehoops · 12-15-2009, 02:27 PM

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.

12-15-2009, 02:27 PM	#1
insidehoops Administrator Join Date: Jun 2006 Posts: 9,472	China investor finalizes deal to buy part of Cleveland Cavaliers 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.