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Can't wait to see what's next in the saga of Chinese investors taking an interest in LeBron James and the Cleveland Cavaliers. This is either a highly significant story, with untold ramifications down the road, or a colossal misunderstanding.
The sequence of events:
May 22: James hits that shot for the ages, a 25-foot buzzer-beater in Cleveland that prevents the Cavs from going down 2-0 to Orlando. Given that it staved off the latest in a long series of Cleveland sports heartbreaks, it is ranked with the greatest clutch shots of all time. JianHua (Kenny) Huang, a Chinese businessman with a history of linking American and Chinese companies, witnesses the action from the courtside box of Cavs owner Dan Gilbert.
Last Saturday: The Cleveland Plain Dealer reports that Gilbert has "a tentative agreement in place" allowing Huang's group to purchase a "significant stake" of franchise ownership. Several news outlets go a step further, reporting that the deal has been "completed." It's a jolt of relief for the Cavs, whose minority ownership has experienced serious financial difficulties, and it seems to end all talk of James leaving Cleveland for the New York Knicks or any other team in 2010. James and Nike, his primary sponsor, have been laying endorsement groundwork in China for the past four years, and the proposed deal would pave the way for LeBron's goal: to become a global billionaire with an unlimited revenue stream.
Monday: Reaction is swift and positive. Although such a deal would require approval by the NBA's board of governors, Commissioner David Stern tells the New York Times that it would be "the next natural step in our relationship with China" and "very much a validation of our business expansion there."
Tuesday: The Cavs suddenly find themselves on the verge of playoff disaster, falling behind 3-1 in the series with a 116-114 loss in Orlando.
That same day: The Wall Street Journal reports that the Chinese company in question, New World Development Ltd., has denied any interest in Cavaliers ownership. It quotes Kwan Chuk-fai, New World's director of corporate affairs, as saying, "None whatsoever. We didn't even consider such a deal."
There has been no official word from Huang, who seemed to be the catalyst behind the arrangement, nor has there been any explanation of the conflicting reports. But it's safe to say this story has drawn everyone's attention around the league. Does it solidify LeBron's desire to stay in Cleveland? Or are the Cavs not so attractive to potential buyers if they flame out in the playoffs and James begins to consider other options?
Bruce Jenkins
http://www.sfgate.com/cgi-bin/articl...SP3L17TAO2.DTL
Big Time American Corporate Sports Plays China...Can The Referees Assure the Correct Teams Are In The Finals? Can The World Be Set Right With Koby In the LA Market and LeBron in the NY? Will a North Korean Assist Be Needed :eek: :p:p
The sequence of events:
May 22: James hits that shot for the ages, a 25-foot buzzer-beater in Cleveland that prevents the Cavs from going down 2-0 to Orlando. Given that it staved off the latest in a long series of Cleveland sports heartbreaks, it is ranked with the greatest clutch shots of all time. JianHua (Kenny) Huang, a Chinese businessman with a history of linking American and Chinese companies, witnesses the action from the courtside box of Cavs owner Dan Gilbert.
Last Saturday: The Cleveland Plain Dealer reports that Gilbert has "a tentative agreement in place" allowing Huang's group to purchase a "significant stake" of franchise ownership. Several news outlets go a step further, reporting that the deal has been "completed." It's a jolt of relief for the Cavs, whose minority ownership has experienced serious financial difficulties, and it seems to end all talk of James leaving Cleveland for the New York Knicks or any other team in 2010. James and Nike, his primary sponsor, have been laying endorsement groundwork in China for the past four years, and the proposed deal would pave the way for LeBron's goal: to become a global billionaire with an unlimited revenue stream.
Monday: Reaction is swift and positive. Although such a deal would require approval by the NBA's board of governors, Commissioner David Stern tells the New York Times that it would be "the next natural step in our relationship with China" and "very much a validation of our business expansion there."
Tuesday: The Cavs suddenly find themselves on the verge of playoff disaster, falling behind 3-1 in the series with a 116-114 loss in Orlando.
That same day: The Wall Street Journal reports that the Chinese company in question, New World Development Ltd., has denied any interest in Cavaliers ownership. It quotes Kwan Chuk-fai, New World's director of corporate affairs, as saying, "None whatsoever. We didn't even consider such a deal."
There has been no official word from Huang, who seemed to be the catalyst behind the arrangement, nor has there been any explanation of the conflicting reports. But it's safe to say this story has drawn everyone's attention around the league. Does it solidify LeBron's desire to stay in Cleveland? Or are the Cavs not so attractive to potential buyers if they flame out in the playoffs and James begins to consider other options?
Bruce Jenkins
http://www.sfgate.com/cgi-bin/articl...SP3L17TAO2.DTL
Big Time American Corporate Sports Plays China...Can The Referees Assure the Correct Teams Are In The Finals? Can The World Be Set Right With Koby In the LA Market and LeBron in the NY? Will a North Korean Assist Be Needed :eek: :p:p
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