Ti’ao Power pay first installment of RMB400m to CSL

A spokesman from the Chinese Super League (CSL) confirmed that Ti’ao Power, a newly established media company backed by China Media Capital (CMC), has successfully made the first payment of RMB 400 million on December 30, 2015.

Back in September, the Chinese media company won the bidding for the production and broadcasting rights of the Chinese Super League from 2016 to 2020 for a fee of RMB8 billion (US$125.52 million).

Under the deal, the 8 billlion yuan rights fee will be paid off over five years. The first two installments, totalling 1 billion yuan, should be made in 2016. The deadline for the first of these (RMB400 million) is January 1, 2016. The spokesman also said that the remaining 600 million yuan for the first year will be paid in the second half of 2016. 

For the rest of the payments, 1 billion yuan will be paid in 2017, 1.5 billion in 2018, 2 billion in 2019 and 2.5 billion in 2020. 

Source: NetEase

Proofread by John Devlin