GoldFinger was interested when QSL Sports, the company owned by Chinese-born US financier Kenny Huang and Chinese tycoon Adrian Cheng, announced this week that it has signed a deal to run the National Basketball League of China.

It was not said how much control QSL is getting, but the move marks the growing interest by high net worth individuals in Chinese basketball, primarily because of its huge fan base.

The sheer numbers are impressive: about 300 million people are basketball fans and actually play in the Asian country. The Chinese basketball scene has also been getting a lot of media attention lately after NBA high profile player Stephon Marbury signed up with a Chinese team and Chinese NBA star Yao Ming took over the Shanghai Sharks.

HNW investors have been spreading their wings in terms of the type of asset they hold, with art and other collectibles gaining increasing attention. Sports institutions tend, if anything, to be high-risk - the world of English football, for example, is littered with examples of wealthy owners pouring money into clubs, and not always emerging with a large profit. In some cases, owning a sports club is more akin to a rich hobby than a business investment.

In the latest Chinese case, Mr Huang is certainly no novice when it comes to sports investments. He has existing investments in other sporting organisations, including the Chinese Youth Baseball League and the New York Yankees. In 2009, he became the first foreigner to own a Chinese Basketball league club, the Jilin Northeast Tigers, and he is now waiting approval from the National Basketball Association to purchase a minority interest in Cleveland Cavaliers.

Mr Cheng, on the other hand, has yet to build a significant investment in sports and this latest venture with Mr Huang is expected to be the first of many. Mr Cheng is a member of one of the richest families in Asia and has a net worth of over $7.7 billion, as listed by Forbes magazine.

The QSL acquisition of NBL is a milestone in the history of professional sports in China. Since the reform of the Chinese sports industry, this is the first time a private enterprise is being allowed to have decision-making power to set the rules in a professional sports league.

Mr Huang and Mr Cheng will manage this league together with Basketball Administration Center Chief Director, Xin Lan-cheng who is the highest ranking official in the basketball administration authority, the statement said. The new NBL will officially begin on 18 July 2010.

Time will tell as to whether these men make a significant profit on this sporting venture.