Kenny Huang Jianhua and a group of Chinese investors will buy 15 per cent of the Cleveland Cavaliers NBA franchise from a Michigan-based investment firm before the end of the year.

The deal, which has been expected since May, will see Cavaliers vice chairman David Katzman's Camelot Venture Group sell the shares to Huang and his group. Exact financial details were not released, but a source close to the franchise claimed that the fee would be between US$60 million and US$70 million.

Forbes recently valued the Cleveland Cavaliers franchise at US$476 million.

In May, the franchise's star player, LeBron James, welcomed the interest of the Chinese group, saying, "It's a big market. They love the game of basketball. I've been over there the last four or five summers. It should be good. It should be fun."

The news comes on the same day that Tsingtao Brewery Co. signed a multi-year agreement with the Cavaliers to become the exclusive Chinese beer of Quicken Loans Arena.