Cavs Sign Ownership Deal With China Group

[The Straight Story]

Cavs Sign Ownership Deal With China Group
TOM WITHERS, AP Sports Writer

ORLANDO, Fla. -- The Cleveland Cavaliers have signed an agreement with an investment group from China to become minority owners of the NBA franchise and its arena, a partnership that could impact superstar LeBron James' future with the team.

The Asian conglomerate, which includes JianHua Huang, a Chinese businessman who has brokered sponsorship deals with the New York Yankees and other sports franchises in the U.S., could acquire up to 15 percent of Cavaliers Operating Company, the entity that owns the team and operates Quicken Loans Arena.

The deal, completed by the sides in recent days, must be approved by the league's board of governors.

Team president Len Komoroski said Sunday the group approached Cavs principal owner Dan Gilbert about the partnership and called the business venture "an exciting new opportunity."

Gilbert's role in overseeing the organization and 20,000-seat arena will not be affected by the new partners.

....

With an eye on spreading the game on a global scale, the NBA has been quietly pushing for an international group to become involved in ownership on a minority level. And with a huge fan base already in China -- mainly because of Houston All-Star Yao Ming -- the league has entered into several ventures with the nation to develop players and build arenas to NBA specifications.

http://www.clickorlando.com/money/19553965/detail.html

[MadMaddie]

1. Sorry I don't agree with this...

We are selling everything that we deem American to the highest dealer. I am willing to be China won't be selling shares or anything for "The Great China Wall"?

So now when the Cavs make a decision they have to have an outside country have final say. Does anyone else have a problem with this?

[Deja Q]

3. China government owns the Great Wall. Does the American government own the NBA?

And if the government wanted to buy the NBA, everybody would mewl and bleat "SOCIALISM!!!!11!!!11111!!!!1112"

[MadMaddie]

4. You know what I am saying...

There will be a point in this country where no American will own anything of significance. You don't see this as a problem.

Granted this is only a basketball team....

I am not an isolationist by any means but when our electric companies and other industries are selling out to foreign investors that is a threat to the security of our nation.

[Deja Q]

5. Of course I see it's a problem.

I don't think many people do, hence their cries of "socialism!"

How does the electric company, which is (by and large currently?) public-owned relate to corporate basketball teams?

How would people stop the sell-out?

I know security is more than just having big pretty guns. *, Reagan, and the others that started the "deficits don't matter" mantra don't seem to believe the correlation there either. :(

[Mr. Ected]

2. Make No Mistake, LeBron Will Be A Cav For A Long, Long Time

The 15% cut of arena revenues is a dead giveaway.

[Berry Cool]

6. How do you say "We can't win championships with LeBron alone" in Chinese? n/t