Future of Sport: A Global Sports Week x Viva Technology Collaboration, Will Open in June 14
12 Jun 2023 14:59
Beijing Enterprises Group Company Limited, one of the most sizeable state-owned companies in Beijing, has officially reached an agreement to acquire Chongqing Aolong Basketball Club, a CBA club based in Chongqing.
The two sides announced the acquisition at a jointly held signing ceremony on August 17. Financial terms of the deal have not been disclosed but according to a person familiar with the matter, the transaction is valued at approximately 200 million RMB.
The Chongqing club will submit all materials related to the transaction to the Chinese Basketball Association after the signing.
The submission will also include the club’s plan to move from Chongqing to Beijing in the coming season leading to Beijing now having two CBA clubs. The club is sizing up several locations including Beijing Workers’ Stadium as a potential new home for Chongqing Aolong Basketball Club.
However it still needs final approval from CBA.
Source: China News
Proofread by Raymond Fitzpatrick
Future of Sport: A Global Sports Week x Viva Technology Collaboration, Will Open in June 14
12 Jun 2023 14:59
Related coverage
Linglong Tire in Thai sponsorship deal
27 Feb 2016
190 million people watched CBA final -- a new history record
24 Mar 2015
26 Dec 2014
New Strategic Director for Wanda Sports
01 Jun 2016
CBA team Sichuan Jinqiang Blue Whale begin new venue construction
29 Aug 2018
More from Yutang Sports
Hisense Named Official Partner of FIFA Club World Cup 2025
01 Nov 2024
Ingmar De Vos elected as the next ASOIF President
10 Apr 2024
SportAccord Media Partners will ensure global audiences are primed with latest news in sport
02 Mar 2024
Wiz-Team provides smart event management system for SportAccord 2024
14 Mar 2024
Expert insight | New changes on UEFA EUROs: growing maturity of Hisense and other Chinese brands
22 Jul 2024
Yutang Sports
loading...