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Article Excerpt
Byline: Jonathan Marino
In the first week of June, a consortium of Chinese investors led a deal to buy a 15% stake in a Cleveland institution. Normally, this purchase might raise concerns, as workers and local politicians seek out promises that jobs won't be transferred overseas. With this deal, which still requires clearance, the investment is ostensibly designed to keep existing employees in Cleveland, most notably LeBron James.
The 15% stake of the NBA's Cleveland Cavaliers that Chinese investor Jianhua Huang is seeking to buy in part reflects the woes facing professional sports, an industry that rarely had to travel outside of the continent for funding. However, as the entire US economy is currently buoyed on debt supplied by the Chinese, it seems fitting that professional sports, too, would lean on foreign investment.
The NBA's struggles, split starkly between the haves and the have nots, came to light in February when the league lined up a $200 million...
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