Cavs Sign Ownership Deal With China Group

[OhioChick]

Source: AP

8:22 pm EDT May 24, 2009

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.

Citing multiple unnamed sources, the Cleveland Plain Dealer first reported the sides had a tentative deal in place. But in recent days, paperwork was completed between Gilbert and the consortium. It will now be sent to the league office for approval.

Read more: http://www.newsnet5.com/money/19553965/detail.html

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China seriously does own the U.S., don't they? :wtf:

[tridim]

1. Can't be any worse than "Amway Arena"

WTF? A cult owns an arena?

[OhioChick]

2. I'm surprised that Amway is still around.... n/t

[dgibby]

3. Isn't there a family connection between Amway and Blackwater?

[madrchsod]

4. yes there is..but i forgot the linkage

[Dr.Phool]

7. Eric Prince married a DeVos daughter.

He was a rich little fascist prick also.

[Left Coast2020]

5. Amway has its name in large letters on the top of a hotel in

ShenYang China called the "Golden Hotel." Just one of a few American named companies I saw there. What I couldn't understand was finding a Baskin Robins Ice Cream store, and only having a choice of 12 flavors--instead of 31. Bummer.

[underpants]

10. I've seen Amway ads on TV again recently

with a voiceover by John Tesh

[Divine Discontent]

6. no offense to anyone who's ever been a part of the group, but wisened up and left,

but they're a cult... LOL

I drive by their arena and think 'how pathetic'...

[GOPNotForMe]

8. "Quicken Loans Arena" is pretty tacky, too. nt

[rjones2818]

9. Don't worry...

In a couple of years they'll rename it the "Red Army Arena."

:) or :( depending on you're point of view.

[OhioChick]

13. Same with "Progressive Field." n/t

[underpants]

11. Lebron is going to make MJ's sponsor deals look anemic

and with good reason. A phenomenal talent.

[OhioChick]

12. LeBron's talent pales in comparison to MJ's. n/t