CLEVELAND (AP) â€” Chinese businessman Kenny Huang has pulled out of a deal to buy a minority stake in the Cleveland Cavaliers NBA team.
A Cavaliers spokesman confirmed Thursday that the a partnership between the group headed by Huang and the Cavs never materialized.
Earlier this month, Huang had also pulled out of a proposed takeover of English Premier League club Liverpool.
The Cavaliers minority sale had been expected to be completed last year, pending approval by the NBA's board of governors. But in May, commissioner David Stern said there were no plans for a league vote and the deal quickly dissolved.
The Cavaliers said they will maintain a relationship with Huang's company for business development in China.
A spokeswoman for Huang referred to an April news release that said his Hong Kong company QSL Sports Ltd. has no stake in the Cavaliers and had decided to focus on China's domestic league.
"QSL is committed to bringing more international elements into the Chinese basketball league as well as focusing on supporting the domestic players," the release said.