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PEAK eyes stake in Nets
By Li Xinran |
June 19, 2009, Friday
|
Print Edition
Print Edition
A CHINESE sportswear company is reportedly in talks to buy a stake in the NBA outfit New Jersey Nets.
PEAK Sport, based in Quanzhou, eastern China's Fujian Province, has been linked with the East Rutherford, New Jersey-based team, Nanfang Metropolis Daily claimed yesterday.
China's Yi Jianlian plays for the Nets.
The Chinese athletic footwear company, which obtained US$60 million venture capital recently, did not deny the report but did add: "It was still uncertain."
The newspaper quoted sources abroad as saying that a Chinese firm was in talks with Nets executives to buy a stake in the team. Nets need the cash due to the global financial downturn and the players' capped salary.
The source did not name the company involved but said it had collaborated with the Nets and the Houston Rockets and spent nearly US$10 million annually in NBA sponsorship, pointing to PEAK's involvement.
PEAK is planning an initial public offering in Hong Kong by the end of the year.
Forbes market valuation of the 30-member NBA teams had priced the Nets at US$338 million and in 17th place, while the New York Knicks, who play their home games only 14.48 kilometers away, is worth US$608 million.
PEAK Sport, based in Quanzhou, eastern China's Fujian Province, has been linked with the East Rutherford, New Jersey-based team, Nanfang Metropolis Daily claimed yesterday.
China's Yi Jianlian plays for the Nets.
The Chinese athletic footwear company, which obtained US$60 million venture capital recently, did not deny the report but did add: "It was still uncertain."
The newspaper quoted sources abroad as saying that a Chinese firm was in talks with Nets executives to buy a stake in the team. Nets need the cash due to the global financial downturn and the players' capped salary.
The source did not name the company involved but said it had collaborated with the Nets and the Houston Rockets and spent nearly US$10 million annually in NBA sponsorship, pointing to PEAK's involvement.
PEAK is planning an initial public offering in Hong Kong by the end of the year.
Forbes market valuation of the 30-member NBA teams had priced the Nets at US$338 million and in 17th place, while the New York Knicks, who play their home games only 14.48 kilometers away, is worth US$608 million.
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