NBA in China lures investors
From Times Wire Services
Walt Disney Co.’s ESPN and four investors agreed to pay $253 million for an 11% stake in National Basketball Assn. operations in China.
ESPN and the investors -- Hong Kong mogul Li Ka-Shing, Bank of China Ltd., China Merchants Bank Co. and Legend Holdings Ltd. -- will join the NBA in forming NBA China, the league said. Li is the richest man in Asia, with a $23-billion fortune, according to Forbes magazine.
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