VivaTech takes the stage as the world's leading event for tech and startups
19 Jun 2023 18:33
Alibaba Executive Vice Chairman Joseph Tsai has acquired a National Lacrosse League’s expansion team in San Diego California, United States.
According to a report by Bloomberg, the Alibaba billionaire paid nearly US $5 million for the yet-to-be-named NLL club. The new San Diego club will join the other nine NLL clubs for the 2018-19 season at the AEG-owned Valley View Casino Center.
“I have a strong passion for lacrosse, and look forward to bringing the NLL to San Diego. Our team is committed to creating a fan-first experience and to being an integral part of the local community,” Tsai said in a statement.
Tsai’s experience of playing lacrosse at Yale in the 1980s may be a reason behind his acquisition. Meanwhile, he may also use the acquisition to learn more about US sports investment before a larger acquisition. Tsai, who owns a wealth of US $8.9 billion according to Forbes, has expressed interest in buying a stake of the NBA’s Brooklyn Nets.
Founded in 1986, the NLL currently has ten teams, six in the United States and four in Canada. After the expansion team in San Diego, the league has plans to add a couple more franchises annually. Its average attendance has risen to more than 10,000 last season, up 12 percent from the previous season.
Proofread by William Logsdon
Related coverage
Chinese investors close to £100m Aston Villa deal
09 May 2016
Deng Yaping Aims to Raise 5 Billion Sports Industry Funds
01 Nov 2016
Le Sports hails RMB 1.2 bn investment
16 Mar 2016
Grandland Decoration invests RMB150m in Evergrande FC
27 Nov 2015
Beetle Sports complete A+ round of financing
23 Dec 2016
More from Yutang Sports
SportAccord 2024 - MediaAccord is ‘rare opportunity’ to meet before Paris 2024
08 Mar 2024
Leading legal minds tackle athlete representation and rules for transgender athletes at LawAccord
16 Feb 2024
Future of Sport: a resounding success for the Global Sports Week and Viva Technology collaboration
21 Jun 2023
Reasons why Leading Gold Partner Sport Event Denmark returns to SportAccord every year
08 Feb 2024
SportAccord announces first speakers - World Sport & Business Summit 2024
06 Dec 2023
Yutang Sports
loading...