Wisdom acquires NBL operation rights for RMB 180 million

Wisdom Sports, a Hong Kong listed sports marketing company, has reportedly acquired the four-season operation rights of the National Basketball League (NBL), the second-tier league in China. 

The partnership will see Wisdom operate the league in the upcoming four seasons and get a 20% stake in NBL. As stated in media reports, this deal is valued at RMB 180 million.

As expected, the two sides will also seek co-operation in terms of intellectual property trading. Analysts believe that this move is an opportunity for the NBL to improve their sponsorship business as well as the quality of event operation.

Wisdom Sports Group is known for its popular events such as marathons, cycling and basketball. It plans to organize and manage a total of 5,240 sporting contests in co-operation with local sports bureaux and marketing partners across China in 2016. 

The company aims to promote sport as the fifth basic life necessity after food, clothing, housing and transport among the 12.6 million expected participants.

Source: Netease

Proofread by John Devlin