NBA in venture to build 12 arenas in China

The NBA has formed a joint venture with Anschutz Entertainment Group (AEG) to design and develop about 12 multipurpose arenas in major Chinese cities.

The project was announced on Sunday at the O2 Arena in London, where the New Jersey Nets and Miami Heat played a preseason game. AEG runs the O2, and the venture will be equally owned by the two parties.

NBA commissioner David Stern did not say when the plan would be starting, or where the buildings would be located.