Michigan-based Camelot Venture Group has finalized a deal with Chinese investor Albert Hung to sell its 15% of US basketball team the Cleveland Cavaliers for an undisclosed cash sum, Reuters reported, citing statements by Cavaliers vice-chairman David Katzman. The deal would make Hung the second-largest stakeholder in the team after owner Dan Gilbert. According to a survey by Forbes, the Cleveland Cavaliers are now the 5th most valuable team in the NBA, valued at US$4 million, after Gilbert and Katzman took over the team in 2005 and doubled its revenues in the first four years. Katzman told CNBC that Hung is expected to increase sponsorships by Chinese companies thanks to his connections in China.
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