The National Basketball Association and AEG, a unit of Anschutz Co, are planning at least a dozen arenas in China to take advantage of the increasing number of wealthy people, the New York Times said.
The arenas may be the start of an NBA-branded league in China, the newspaper said. The 19,000-seat facilities may be located in Shanghai, Guangzhou and Shenzhen.
The league and AEG, which runs or owns more than 90 arenas including the Staples Center in Los Angeles, will make modest cash investments and obtain substantial ownership stakes based on their expertise, the newspaper said. Local and provincial governments will provide most of the financing, Bloomberg News said.
"China is an enormous market with enormous potential, not only for basketball but for entertainment venues," said NBA Commissioner David Stern, who was due to disclose the plan with AEG Chief Executive Timothy Leiweke yesterday before the New Jersey Nets-Miami Heat exhibition game in London, the newspaper said.
(Shanghai Daily October 13, 2008)
