LeSports and Bloomage International Investment Group Inc. have released a joint statement on May 16, announcing that the title sponsorship contract between them had been terminated. It was emphasized that this decision was based on amicable negotiations and consensus.

The Wukesong Arena is part of the Bloomage property portfolio, while LeSports is a subsidiary company of LeEco, a company focused on videos, contents and smart terminals.

According to Tencent, after the former title sponsorship of MasterCard expired, LeSports became the new title sponsors of the Wukesong Arena for 5 years, from 2016 to 2020 with the  Wukesong Arena being renamed “LeSports Center”.

The reasons why they terminated this contract earlier than the expiration date was not mentioned in the joint statement. However according to Caijing.com, a financial website in China, the early termination of the contract by LeSports is to cut their marketing budget. As for the next title sponsor, there were no clues in the declaration either.

Source: Tencent and Caijing

Proofread by Raymond Fitzpatrick