Chinese investors nab a piece of LeBron James as sports go global


Professional basketball has become an international game. Many of today's stars have come to the U.S. to play in the National Basketball Association (NBA), so it should be no surprise that foreign investors are eager to join them in the bouncy world of bling and adulation. The recent purchase of 15 percent of the Cleveland Cavaliers (the team of superstar and NBA MVP LeBron James) by a group of Chinese investors is only the first step down that road.

The investor group, led by Kenny Huang, took a 15 percent stake in the team, joining majority stock holder Quicken Loans' Dan Gilbert. Basketball has become very popular in China, especially since Yao Ming, the mainland-born center for the Houston Rockets, has become a star. One report claims that 300 million people now play the sport there.