According to Bloomberg, Cavaliers’ vice chairman David Katzman said the cash deal would be approved by the end of the year.
The stake being sold is currently owned by Katzman’s Camelot Venture Group. The deal will make the Huang-led group the second-largest shareholder in the team after owner Dan Gilbert. Katzman has said that Camelot Venture Group and Gilbert had doubled the Cavaliers’ revenue in the five years since they bought it in 2005.
The Cleveland Cavaliers, whose squad features the NBA’s biggest star, LeBron James, will become the second NBA team this year to attract a major overseas investor after Russia's richest man, Mikhail Prokhorov, reached a deal to take control of the New Jersey Nets in September.
