VivaTech takes the stage as the world's leading event for tech and startups
19 Jun 2023 18:33
September 20: Jia Yueting, the owner of LeSports, has signed an Equity Transfer Agreement with a group of wealthy investors to sell a majority of the 30.66% shares of the sports company in his hands, according to a report by Tencent Finance.
Jia controlled LeSports through Lele Hudong Sports before this agreement. Other shareholders of the LeEco sports arm include Beijing Pengyi (12.93%), Leshi Internet Information & Technology Corp (6.47%), Jack Ma’s Yunfeng Capital, Wang Sicong’s Pusi Capital, HNA Capital and more than 10 celebrity investors like Tamia Liu, Sun Honglei and Zhou Xun.
According to Tencent Finance, Jia spent almost a half of LeSports’ RMB 8 billion raised in Series B financing during April 2016 on LeEco’s mobile phone and auto businesses. This led to a shortage in funds in the second half 2016, causing difficulties to the LeSports business. Although LeEco Holdings has paid off more than RMB 1 billion media rights fee for LeSports, there still remains a debt of RMB 2.5 billion to be cleared off.
The new investment will also cover Jia’s existing debt to LeSports, and the acquisition fund will be paid straight into LeSports’ account, an informed source told Tencent Finance.
The source also said that new owners will reconstruct the board of directors to reduce the side effects of LeEco on LeSports’ management system. Changes will also take place in the sports company’s business strategy. For example, its new media business is expected to adopt a different model through alliances and partnerships. In addition to this, the new sports company will continue to promote the development of sports town businesses as well as develop hi-tech businesses like artificial intelligence and data mining.
LeSports declined to comment on the details of the transfer agreement.
Source: qq
Proofread by William Logsdon
Future of Sport: a resounding success for the Global Sports Week and Viva Technology collaboration
21 Jun 2023 12:27
Related coverage
LeEco to sponsor Beijing Guoan
19 Jan 2016
Letv and Letv Sports invested 15 million RMB in Edoon
09 Jul 2015
MLS announces new TV deal with China's Letv Sports
15 May 2015
10 billion strategic investment for Le.com
29 Dec 2016
LeTV open classrooms start in soccer youth training
20 Nov 2015
More from Yutang Sports
SportAccord Welcomes Return of Principal Media Partner Yutang Sports
01 Feb 2024
WFDF is ready to fly in Chengdu for the World Games 2025
17 Apr 2024
Discover why SportAccord plays central role for Silvers in strategic partnerships
22 Feb 2024
VivaTech takes the stage as the world's leading event for tech and startups
19 Jun 2023
SportAccord Media Partners will ensure global audiences are primed with latest news in sport
02 Mar 2024
Yutang Sports
loading...