VivaTech takes the stage as the world's leading event for tech and startups
19 Jun 2023 18:33
Last Friday a new fund was co-established by Beijing Enterprises Group Company and Beijing Municipal Bureau of Sports. The fund is intended to form a platform in the sports industry and to help drive sports development of the capital.
The name of the fund literally translates as "Beijing Sports Developmental Investing Fund".
The initial investment is a total of RMB100m. RMB50m of the amount is provided by Beijing Enterprises Group Company and the other half by another sports fund named Beijing Municipal Sports Industry Developmental Directing Fund.
This new fund is to serve the following areas of the industry: international events' entrance and localization, professional clubs entering Beijing and club operations (for basketball, soccer, volleyball, and golf, etc.), youth sports development, sports agency services, venue operations, and international sports exhibitions and conferences. It's also reported that the market will be used as a major managing method instead of administration orders.
Some time earlier, Chinese State Council announced plans to grow the nation's sports industry. Since then many investments have started to show interests in this field.
Beijing Enterprises Group Company is a large fully state-owned company. It was founded in 2005 through merging of several companies, with a RMB8.2 billion registered capital, and has ranked top in terms of profits among Beijing state-owned companies.
It just invested a Beijing soccer club for the next season, and agreed to build Beijing municipal women soccer teams with Beijing Municipal Bureau of Sports.
At the signing ceremony last Friday, they established a cooperation relationship with Beijing Municipal Bureau of Sports for development of Beijing sports industry.
Future of Sport: a resounding success for the Global Sports Week and Viva Technology collaboration
21 Jun 2023 12:27
Related coverage
The purchase of Malaga close to completion
06 Jul 2015
DOUBLE takes over sports agency representing Suarez
19 Apr 2016
List of national sports industrial bases released
16 Feb 2017
SWRH to invest RMB 250m in sports and culture
15 Jan 2016
Twenty ice rinks to be built in western Beijing
21 Dec 2016
More from Yutang Sports
Birmingham Welcomes the World as SportAccord 2024 Kicks Off
08 Apr 2024
SportAccord scores Summit touchdown with NFL
18 Jan 2024
SportAccord Bronze Partners Make Their Mark on Global Stage
08 Mar 2024
SportAccord calls for the power of sport to lead anti-abuse actions
17 Apr 2024
Registration open - SportAccord World Sport & Business Summit
18 Dec 2023
Yutang Sports
loading...