The Cavaliers have signed an agreement with an investment group from China to become minority owners of the club, according to the Associated Press.

The conglomerate, which includes JianHua Huang, who has brokered sponsorship deals with the Yankees and other sports franchises, could acquire up to fifteen percent of Cavaliers Operating Company.

The COC owns the Cavaliers and operates Quicken Loans Arena.

The deal now must be approved by the NBA's board of governors.