Thursday, August 26th, 2010 at 11:40 am  |  13 responses

No Chinese Investment Into the Cavs

A Chinese Investment had expressed interest in buying a large chunk of the Cleveland Cavaliers last year, but the deal fell apart under mysterious circumstances. The Plain Dealer reports that it had nothing to do with LeBron’s departure, though: “The deal to sell a minority stake in the Cavaliers to a Chinese investment group — what would have been the first major Chinese investment in an American sports league — has been dead for months, according to the Cavs and the NBA. The agreement was billed as a timely entree into the massive and growing Chinese sports audience, and a valuable cash infusion for the Cavs — both positive developments in the bid to keep free agent LeBron James. The sale was expected to be completed late last year, pending NBA approval. ‘It never materialized, as far as completing the application process with the league,’ said Cavs President Len Komoroski. ‘Ultimately, you would have to ask [Huang's group] as to why.’ Neither Huang nor Katzman could be immediately reached for comment. Any transfer of team ownership of more than 5 percent must be approved by the NBA’s Board of Governors, specifically three-fourths of the other 29 teams. Approval is based on a rigorous personal, business and financial background check. Apparently, the process never got that far. ‘The group Mr. Huang was advising declined to submit a complete ownership application to the league and was informed several months ago that it would not be considered for approval,’ NBA spokesman Mike Bass responded by e-mail Wednesday.”

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    they JUST found out bron wasnt there anymore.

  • Shadojoker

    obviously it had something to do with Lebron..Lol if we here about this same investment team trying to buy the Miami Heat soon..

  • JTaylor21

    Sure it had “NOTHING” to do with Bron. Please maybe JJackson was right after all, Gilber lost his most prized worker who he felt he “owned”. One more thing F*CK CLEVELAND.

  • http://theurbangriot.com The Nupe

    The deal started and began to fall apart more than a year ago. LeBron didn’t seem to even be a consideration. QSL Sports. Ltd. – the group that was interested in a minority share of the Cavs had shifted their sights on buying a soccer team believing that it would have more appeal and ultimately earn them more revenue in China and provided a better and less risky opportunity. They were one of 4 groups that bid for FC Liverpool, they pulled out of consideration at the last minute. If they had moved forward with the Cavs, they would not have had the available resources to also move forward with the soccer/football team, that’s why they didn’t move forward with the Cavs. Not everything Cavs related is LBJ related, but I get how it makes interesting speculation.

  • BostonBaller

    Come on man…if anyone even thinks the pull out didn’t have at least a “little” bit to do with LBJ’s departure then you are (insert whatever fits you) They are business men so why wouldn’t they wait until the smoke cleared on the free agency?

  • Robb

    hahahaha “mysterious circumstances”

  • Grenners

    It has nothing to do with lebron. Huangs backers were originally the capital investment wing of the Chinese government. When it went public the people of china questioned the use of home generated cash reserves on what was percieved as economic folly. So the capital group pulled out and huang had no major financial backers. It’s the same reason he pulled the plug on the liverpool fc deal. Probably lebrons fault though…..

  • Coney Islander

    With LeBron gone they might as well move the Cavs to the D-League. Real talk!

  • The Philosopher

    The power AND influece…
    OF… THE KING!!!

  • total scrotal implosion

    Come on everyone, you heard gilbert, cavs will win a title before miami

  • http://www.kb24.com The Seed

    I heard the NBA has fixed the draft in the coming years for the Cavs to get Lebryan Nash in a few years anyway. BOOK IT!!

  • Ronald

    I think it’s also part of the fact that the NBA doesn’t have a very good amateur system. I know that a lot of Chinese are trying to invest into the EPL to open access to the junior levels of the clubs to the Chinese.

  • z

    @The Seed

    Why do you always have to end every comment with “BOOK IT!!” It doesn’t make anyone think you have some kind of advanced knowledge, and, well, no-one is “BOOKing” anything….we’re not scribbling down these weird predictions or anything…

    NBA has fixed the draft in the coming years…? Sheesh…