China’s biggest e-commerce firm Alibaba has bought a 50% stake in Guangzhou Evergrande Football Club for a reported 1.2 billion yuan ($192m; £114m). Guangzhou Evergrande is one of China’s most successful football clubs. It was the first Chinese team to win the Asian Football Confederation Champions League last year.
Alibaba’s purchase comes in the run up to its highly-anticipated US share sale, and marks the firm’s latest attempt to diversify its business. We’re not investing in football, we’re investing in entertainmentâ commented billionaire founder Jack Ma, who has made several acquisitions ahead of the internet giant’s initial public offering, which many predict will become the world’s largest tech listing.
Read more…