Le Sports links with Bird’s Nest to fund RMB5bn

LeTV Sports Culture Develop (Beijing) Co. Ltd, together with Beijing Bird's Nest Culture & Creative Center, announced yesterday the founding of the Bird’s Nest-Le Sports Cultural Industry Fund to raise at most RMB5 billion. With its flagship of the Chinese sports industry in 2015, the fund will accelerate the shaping of a sports business ecosystem and increase the value of the sports industry in China.

The two major partners are rising stars in this industry. Le Sports, formerly LeTV Sports Channel, was set up last year. This company has the leading sports resources in copyrights, personnel, media and users, highlighted by its more than 10 thousand events copyrights, high program ratings and remarkable user engagement. The other partner, Bird’s Nest Culture & Creative Center, opened to the public in March this year. The center has organized about 200 conferences, workshops and exhibitions in sports business. This makes it an extraordinary offline platform for aggregating sports resources and incubating sports projects. The co-operation will give full play to their exceptional resources. 

The fund is aimed at creating a “rain forest” in the Chinese sports industry. In the first stage, they will focus on RMB funds to provide financial support for Chinese creative sports products and business modes. At present there are 15 potential projects under discussion. In the near future, they will also launch US dollar funds to seek new sports technology and products internationally.

Source:Netease Sports

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