SAIC Motor deny ¥1.5 billion investment in Shanghai SIPG FC

Shanghai SIPG, the CSL side football club, together with its partner SAIC Motor, held a press conference yesterday. 

The two sides have reached a partnership deal, which will see them co-operate in terms of branding promotion and events services in a one year deal which will expire in 2016. 

Although no financial terms have been disclosed, it is said that the deal may be worth RMB 150 million. 

Recently, it has been rumoured that SAIC Motor had purchased a stake in the club valued at RMB 1.5 billion. At the conference, the representative of the motor company said that SAIC is a strategic partner of Shanghai SIPG, but they have no plans to buy any stake in the club as of now.

Sui Guoyang, the general manager of the club, responded in detail to another rumour in circulation, that the club will invest RMB 2.4 billion on transfer deals in the new season. Sui said the rumour is not true because everything is still in the pipeline.

Source: sina

Proofread by John Devlin