Chinese-born businessman Kenny Huang is heading the deal, estimated to be worth more than $70 million.Chinese investors want to cash in on the country's NBA fever with a bid to buy a 15 percent stake in the Cleveland Cavaliers.
Ganis said that if the deal goes through, it would rank as the largest international sports transaction ever made by Chinese nationals.
With his U.S.-based partner Marc Ganis, Huang founded SportsCorp China, a company that facilitates sports and sponsorship contracts between the United States and China.
"They're crazy for basketball," said the camp's founder and former Chinese national basketball player Ma Jian. "Basketball has probably become the number one most popular sport in China."
"It is a natural extension of what the NBA's efforts have been in China," Ganis said in an interview, "for Chinese investors to look not just at sponsoring the NBA, not just getting athletes as endorsers of their products, but also for them to now move into ownership of NBA franchises,
"At the end of the day, the NBA is still a league, so at some point they'll want to have a league here on the ground," says Michael Sun, managing director of sports giant IMG. "This is something that I'm sure [NBA China CEO] Ted Chan thinks about every day."
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