After Cavs, Kenny Huang to have a club in China

Ambitious Chinese-born businessman Huang Jianhua (who also goes by the name of Kenny Huang) took another big step in expanding his foothold in China's sports market after signing a preliminary deal on Thursday to take over the Jilin Northeast Tigers of the Chinese Basketball Association (CBA).

The reported deal marks the first overseas investment into the league.

Huang, who first made a name for himself after leading a Chinese investment group in buying a 15 percent stake in the NBA's Cleveland Cavaliers in May, will initially take charge of Jilin's commercial and marketing development before completing the takeover at the end of this season.