Thursday, 12 Jan 2017 12:30 | By Yutang Sports
According to a report by the 21st Century Business Herald on January 9th 2017, the CNSG (China National Sports Group) controlled by the Chinese Olympic Committee, Alisports, Tencent Sports and the platforms owned by Liu Yiqian (the Chinese businessman and art collector) might be the potential transferees of the controlling stake in China Sports Industry Group. The total value of the shares to be transferred is over RMB 4.2 billion, and the offers of these four companies are quite close. Apart from them, a rumoured buyer, the Wanda Group, did have the intention to participate in the bidding for China Sports’ shares, but it chose to withdraw at the final phase. However, when interviewed by the reporter from National Business Daily, CNSG, Alisports and Tencent Sports all denied they had participated in the transfer.
As the second largest shareholder of China Sports, CNSG was previously estimated to be one of the most likely transferees.
According to the announcement released by China Sports Industry Group in mid-November, 2016, its largest shareholder, the Sports Funds Management Center of the General Administration of Sport, is going to transfer its entire 22.0733% stake, and openly solicit transferees.
In the opinion of industry analysts, the transfer of these CNSG shares will become a milestone in the development of the Chinese sports industry. It not only demonstrates that the General Administration of Sport is determined to address the persistent “four-in-one” problem of administration, business, corporation and association, but also sets an example for the withdrawal of state-owned capital from CSL and CBA companies in the future.
Source: National Business Daily
Proofread by Sean O Diobhilin