UPDATE 1-Disney, China firms to buy stake in NBA China

(Updates with confirmation of the deal)

NEW YORK, Jan 14 (Reuters) - Walt Disney Co (DIS.N) and four Chinese investment firms are set to take an 11 percent stake in the National Basketball Association's Chinese subsidiary, the professional basketball league said on Monday.

The Chinese investors will include the Bank of China, China Merchant Bank and Legend Holdings, as well as a firm owned by Hong Kong billionaire Li Ka-Shing, according to a statement from the NBA.

The "outside investors" will pay about $253 million, valuing N.B.A. China at about $2.3 billion. Goldman Sachs advised N.B.A. China on the deal.

Tim Chen, the former chief executive of Microsoft Greater China, will lead N.B.A. China, which will be governed by a board of directors.

(Reporting by Ritsuko Ando and Paul Thomasch, editing by Will Waterman/Andre Grenon)

((paul.thomasch@reuters.com +1 646 223-6092; Reuters Messaging: paul.thomasch.reuters.com@reuters.com))

(For Reuters Media blog see here) Keywords: CHINA NBA/DISNEY

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