日韩午夜精品视频,欧美私密网站,国产一区二区三区四区,国产主播一区二区三区四区

 

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: 连云港市| 宝兴县| 汾西县| 沅陵县| 星子县| 东明县| 六安市| 尚志市| 九江县| 高雄市| 长春市| 安阳市| 博爱县| 平乡县| 富锦市| 鞍山市| 黄骅市| 贵阳市| 诸城市| 湟中县| 资阳市| 屯门区| 凯里市| 郁南县| 邢台县| 巴彦淖尔市| 通化市| 宜良县| 象州县| 吴旗县| 沾益县| 华容县| 雷波县| 宣武区| 临潭县| 祁东县| 都兰县| 安阳县| 洱源县| 多伦县| 金坛市|