Posted on 10/12/2008 10:35:14 AM PDT by KingJaja
The N.B.A. and AEG will announce on Sunday plans to design and operate at least a dozen arenas in China, extending the league’s presence in its largest foreign market. The arenas could form the infrastructure of an N.B.A.-branded league in China.
Under their plan, the league and AEG will make modest cash investments in the arenas, but their expertise will give them substantial ownership stakes in the buildings.
The arenas are to be financed largely by local and provincial governments.
“We won’t do this without an economic return over time for AEG and the N.B.A.,” said Timothy J. Leiweke, the president and chief executive of AEG.
He and David Stern, the N.B.A. commissioner, will announce the joint venture before the Nets-Heat exhibition game at the O2 arena in London.
Stern said the league was looking to capitalize on a growing urban Chinese middle class with increasing disposal income.
“China is an enormous market with enormous potential, not only for basketball but for entertainment venues,” he said in an interview.
(Excerpt) Read more at nytimes.com ...
Actually they dont even have the money, according to their plan, their project is expected to be funded Chinese money, so its all on paper now.
Personally I am not a big fan of NBA and I dont think its a wise investment on it either.
It is the wisest investment.
The Stadia will be built. You don’t know how big the NBA is in China. (Yao Ming is VERY BIG in China).
You don’t know how many American musicians troop to China from Beyonce to Jay Z to Linkin Park.
There’s money to be made in China - and lots of it.
And in the United States, the NBA, by way of its owners, begs and begs for Taxpayer funds for their arenas.
Another point.
Nobody knew about Sanya (in Hainan province) until it hosted the Miss World contest. Now Sanya is a popular tourist destination (especially amongst the Russians and other East Asians).
Attaching the NBA to a venue is a big boost to the prestige and value of the venue.
You could accuse the Chinese of many things, but being business savvy is not one of them.
That’s why Chinese cities are falling over themselves for NBA rights for their venues.
Anyone who doubts projects like these would not materialize in China do not realize the scope of what is going on over there. These 12 arenas will likely be built within a decade. And anyone who can quantify what is going on over there (China) will realize that the 12 arenas, over the course of a decade, will represent a mere drop in the bucket of the amount of construction that will occur.
So, if it's something China wants, it will definitely get built.
Hahaha, you all get wrong with me, I am Chinese myself, of cause I dont doubt China can build them in one or two years, I just think is not cost-efficient and its not of our high priorties to waste OUR money on an American sport.
When I visited Seoul in 2000, I happened to stay at the same hotel the Chinese women’s basketball team was staying. They were tall, Mongol, grotesque, flexible and worshipped.
I can’t wait for any Tennessee or Connecticut team to take them on. It will be lovely.
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