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Monday, May 25, 2009

Chinese Investors Close To Buying Share Of Cavs


According to a number of sources, a group of Chinese investors is close to purchasing a minority share in the Cavaliers Operating Company. The entity owns the Cavaliers and operates Quicken Loans Arena.

Cleveland's majority owner, Dan Gilbert, reportedly has a tentative agreement in place with the group, which is led by JianHua HuangHuang and his associates were seen at Games 1 and 2 of the Eastern Conference Finals, but neither side would confirm anything.

"Dan Gilbert has been approached multiple times over the past few years by investors that wanted to join the Cavs' ownership group," said Len Komoroski, Cavs and Quicken Loans Arena president, in a statement.  "This has recently happened again. As has been done previously, we're in the process of reviewing the possibility presented to us. Beyond that, we do not feel it would be appropriate to give further comment at this time."

source : cleveland.com

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