Qingdao Conson acquires CBA club Qingdao Double Star

Qingdao Conson Development Group has acquired a 90 percent stake in the Qingdao Double Star Club from the Double Star Group for an undisclosed amount.

The club will attend the next CBA season with the new name, the Qingdao Conson Double Star club.

As a state-owned company, Qingdao Conson focuses on the business of financing, real estate and marine industries. In 2016, the company recorded sales of US $611 million and total assets worth $6.7 billion.

Qingdao Conson plans to increase investment in the club and promote the club’s performance by strengthening youth training programs, recruiting better managers and carrying out overseas training. The company seeks to bring the Qingdao Conson Double Star club into the CBA playoffs in the 2017-18 season.

Meanwhile, the company will improve the equipment of the stadium, such as having LED screens for the new season to attract more basketball fans. In the future, the playground floor, the light system and the audience area of the stadium will also be upgraded to NBA-level standards.

Founded in 2004, the Qingdao Conson Double Star club entered the semi-finals of the playoffs during the 2014-15 season. However, in the last season, the club only ranked 12th position.  

Source: Xinhua

Proofread by William Logsdon