CLEVELAND – A deal to sell a Chinese investment group a minority share of the Cleveland Cavaliers has collapsed.
The partnership between the group headed by Chinese businessman Kenny Huang and the Cavs never materialized, a team spokesman confirmed Thursday.
The sale had been expected to be completed last year, pending approval by the NBA's board of governors. But in May, commissioner David Stern said there were no plans for a league vote and the deal quickly dissolved.
The Cavaliers will maintain a relationship with Huang's company for business development in China.
A spokeswoman for Huang referred to an April news release that said the company has no stake in the Cavs and has decided to focus on China's domestic league.
"QSL is committed to bringing more international elements into the Chinese basketball league as well as focusing on supporting the domestic players," the release said.