Beijing Enterprises Group’s interest to purchase Chongqing Aolong Basketball Club

Several days ago, some media disclosed that Beijing Enterprises Group Company Limited finished purchase of CBA Chongqing Aolong Basketball Club and even the purchase might cost 200 million yuan. But through information we got, at the moment, the both sides just reached cooperation intention, and still waited for the official reply from the Administration of Sport of Chongqing.

According to the insiders, the cooperation between Beijing Enterprise Group and previous investor of Chongqing Aolong has ended its first step and they are waiting for the official reply, which means that, it is not just stock right transfer, and the home court migration of Chongqing Aolong might also be part of the plan. If it is true, the new home court will the place where Beijing Enterprise is located.

It is not the first for Beijing Enterprises Group Company Limited to get into CBA. Two years ago, it has finished purchase of Shanxi Men’s Basketball Team. Nonetheless, the Sports Bureau of Shanxi Province didn’t agree with the migration of home court. Plus the intervention of all circles in Shanxi, it ended up with a purchase finished by a Shanxi-based enterprise—Fenjiu Group.

Learning from the previous lesson, Beijing Enterprises Group Company Limited started the deal with the precondition of migration of home court to Beijing. Therefore, only after the agreement from the Administration of Sport of Chongqing, the deal will be finished eventually.