NBA announces China enterprise

NEW YORK, Jan. 14 (UPI) -- The NBA and five partners Monday announced the formation of NBA China to conduct the league's business in China.

ESPN, Bank of China Group Investment, Legend Holdings Limited, Li Ka Shing Foundation and China Merchants Investments put in $253 million to acquire 11 percent of the company, the NBA said in a release.

"The opportunity for basketball and the NBA in China is simply extraordinary," NBA Commissioner David Stern said. "The expertise, resources and shared vision of these immensely successful companies will help us to achieve the potential we see in the region."

Tim Chen, the former chief executive officer of Microsoft Greater China, joined the NBA last October and will be the chief executive officer of NBA China. NBA China's board of directors will include representatives of the investors as well as Indiana Pacers owner Herb Simon and Minnesota Timberwolves owner Glen Taylor.