Chinese businessman shoots for stake in NBA's Cavaliers

HONG KONG: Mainland-born businessman Albert Hung is about to become the second-largest shareholder of the NBA's Cleveland Cavaliers, a Michigan investment firm confirmed yesterday.

Hung's planned purchase of a 15 percent stake would give him a slice second only to Dan Gilbert, said David Katzman, the Cavaliers vice-chairman.

Katzman said Hung's buy-in will be an all-cash affair. It is likely to be approved by the end of the year. Details of the deal have not been disclosed.