Chinese Businessman to Purchase 15 Percent Stake in Cavaliers

Filed under: Cavaliers

CNBC's Darren Rovell reports that Albert Hung, a Chinese businessman, has agreed to buy a 15 percent stake in the Cleveland Cavaliers, and will become the second largest stakeholder (behind Quicken founder Dan Gilbert) in the franchise.

Last May, before Cavs supernova LeBron James took off for a global tour which included a marketing push in the Middle Kingdom, Chinese-born but American-based investor Kenny Huang was rumored to be in play for the stake. But outgoing Cavs minority owner David Katzman told Reuters that deal fell through, paving the way for Hung, whose central business is solar energy panels.

 

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Full story at http://nba.fanhouse.com/2009/12/14/chinese-businessman-to-purchase-15-percent-stake-in-cavaliers/