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Cavs shareholder Huang eyes Tigers
Source: Agencies |
October 10, 2009, Saturday
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CLEVELAND Cavaliers shareholder Kenny Huang is awaiting approval to become the first foreign owner of a Chinese Basketball Association club, local media reported yesterday.
The Chinese-born American financier, who works with baseball's New York Yankees and bought a minority share in the NBA's Cavaliers earlier this year, had agreed to buy the Jilin Northeast Tigers, who are valued at US$80 million, Xinhua said. Foreign enterprises are banned from holding shares in any professional basketball team in China and so the deal would have to be approved by the CBA, according to the Titan Sports newspaper. Huang's prospects of getting the nod will be improved by the parlous financial state of the CBA league, which lost US$17 million last season with the Tigers among the teams losing most money. The Shanghai Sharks, another struggling club, was bought by former player and Houston Rockets center Yao Ming in July.
The Chinese-born American financier, who works with baseball's New York Yankees and bought a minority share in the NBA's Cavaliers earlier this year, had agreed to buy the Jilin Northeast Tigers, who are valued at US$80 million, Xinhua said. Foreign enterprises are banned from holding shares in any professional basketball team in China and so the deal would have to be approved by the CBA, according to the Titan Sports newspaper. Huang's prospects of getting the nod will be improved by the parlous financial state of the CBA league, which lost US$17 million last season with the Tigers among the teams losing most money. The Shanghai Sharks, another struggling club, was bought by former player and Houston Rockets center Yao Ming in July.
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