January 21 – The financial and ownership position of leading Chinese Super League (CSL) side Beijing Guoan FC has been clarified with Chinese internet company LeEco (formerly known as LeTV), which operates the Le Sports service, and the club announcing a strategic co-operation.
Rumours had been circulating that the start-up internet giant that is charging headlong into the football rights market, had bought a 50% stake in the club. That isn’t happening but LeEco will become the new title sponsor of the CSL team.
However, this hasn’t entirely squashed rumours that the takeover could happen this month but it is unlikely.
Under the partnership, Guoan will play in the CSL and CFA Cup this coming season under the name of Beijing Guoan LeEco FC.
Lending strength to the takeover theory, LeEco and Guoan have agreed to set up a strategic development committee. Lei Zhenjian, Le Sports CEO, and Luo Ning, chairman of Guoan will serve as co-chairmen of the committee. At a jointly held press conference both said that they will talk about the possibility of equity co-operation in the future.
Dalian Wanda again
Dalian Wanda Group, the Chinese trading giant run by Asia’s richest man Wang Jianlin, has said it is planning five “substantial” acquisitions in the sports and entertainment sectors this year. The news came directly for Wang who spoke at a Hong Kong investor briefing.
Wanda Group held its 2015 annual general meeting where Wanda Sports Holdings annual revenue was reported as RMB5.87 billion (€831.8m/$898.5m), exceeding targets by 132.7%. Wanda Sports Holdings is targeting revenue of RMB7 billion in 2016.
Wanda has invested significantly in the Infront Sports & Media agency and Spanish LaLiga club Atlético de Madrid. Two of the new acquisitions are expected to be in China.
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