ORLANDO, Fla. (AP) - The Cleveland Cavaliers have a signed an agreement with an investment group from China to become minority owners of the NBA franchise and its arena.
The move 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% of Cavaliers Operating Company, the entity that owns the team and operates Quicken Loans Arena.
The deal, completed in recent days, must be approved by the league.
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."