Part of Cleveland being sold to Chinese investors? Crap!!

[LiberalFighter]

[Auggie]

1. ?

Details?

[cboy4]

2. Don't you just love threads with not one shred of information?!

Chinese investors to buy into Cavs

Associated Press

ORLANDO, Fla. -- The Cleveland Cavaliers have signed an agreement with an investment group from China to become minority owners of the NBA franchise and its arena, a partnership that could impact superstar LeBron James' future with the team.

The Asian conglomerate, which includes JianHua Huang, a Chinese businessman who has brokered sponsorship deals with the New York Yankees and other sports franchises in the U.S., could acquire up to 15 percent of Cavaliers Operating Company, the entity that owns the team and operates Quicken Loans Arena.

The deal, completed by the sides in recent days, must be approved by the league's board of governors.

Team president Len Komoroski said Sunday the group approached Cavs principal owner Dan Gilbert about the partnership and called the business venture "an exciting new opportunity."

Gilbert's role in overseeing the organization and 20,000-seat arena will not be affected by the new partners.

http://sports.espn.go.com/nba/playoffs/2009/news/story?id=4202661

[Auggie]

3. Thread title sounds like Chinese investors are buying part of the city...

which might not be too bad a thing. Thanks for the link.

James wants to be the "first billionaire athlete?" :eyes:

[LiberalFighter]

4. And I would post this in the sports section if it was the city itself?

[LiberalFighter]

5. Here is the story

http://sports.espn.go.com/nba/playoffs/2009/news/story?id=4202661

Chinese investors to buy into Cavs

ORLANDO, Fla. -- The Cleveland Cavaliers have signed an agreement with an investment group from China to become minority owners of the NBA franchise and its arena, a partnership that could impact superstar LeBron James' future with the team.

The Asian conglomerate, which includes JianHua Huang, a Chinese businessman who has brokered sponsorship deals with the New York Yankees and other sports franchises in the U.S., could acquire up to 15 percent of Cavaliers Operating Company, the entity that owns the team and operates Quicken Loans Arena.