A Chinese investment group is set to become a minority owner of the Cleveland Cavaliers, a US professional basketball franchise, AP reported. The deal, which requires approval from the NBA’s board of governors, could see the investment group acquire up to 15% of the operating company that owns the team and its sporting arena. The group includes Huang Jianhua, a Chinese businessman who brokered a number of sponsorship deals with US sports franchises. Separately, sports marketing firm IMG Worldwide said it had won approval to operate a joint venture with China Central Television and would start by organizing two tennis events. The joint venture was announced last August but IMG officials said it had taken longer than expected to receive operational licenses. The company said the joint venture would target a variety of luxury sports such as polo and sailing, as well as tennis and golf in the white-collar category, and American football for younger fans.