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LeTV denies Bejing Guoan’s takeover deal

By He Lanying Wednesday, 06 Jan 2016 15:01

Le Sports, the sport unit of China’s leading online video company LeTV, on Tuesday (January 5) denied that it had taken a stake in Chinese Super League (CSL) side Beijing Guoan, a leading Chinese professional soccer club.

The comment followed multiple Chinese media reports that the Beijing-based company had acquired a 50% share in Beijing Guoan for 2 billion yuan ($307 million) late on Monday. It was also rumoured that Beijing Guoan would be renamed as Beijing Guoan LeTV Football Club after the acquisition. 

"That couldn't have happened because I was in the US at that time," said Lei Zhenjian, CEO of Letv Sports, LeTV' sports arm, in a Weibo post on Tuesday. 

Back in December, CITIC, the owner of Beijing Guoan FC, made a decision to sell up to a 50% stake in the Beijing-based football club. According to an industry source, Le Sports did submit an offer to buy the club but there are other bidding competitors. Up to now, the winning bid has not been revealed.

What is certain is that, as Mr. Lei revealed yesterday, Letv Sports is about to announce a partnership with US Major League Baseball in Las Vegas, Nevada later today.

Source: Global Times

Proofread by John Devlin

Tags: CSL investment


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