LINE

    Text:AAAPrint
    Economy

    Chinese buy Premier league team

    1
    2016-08-06 11:12China Daily Editor: Xu Shanshan

    Two of Britain's oldest soccer clubs now owned by Shanghai investors, latest in acquisitions

    West Bromwich Albion, an English soccer club, became the first Premiership side to be acquired by Chinese owners when it announced a Shanghai-based group had bought a controlling stake.

    No price was given in the club's announcement but outgoing chairman Jeremy Peace had previously been seeking about 150 million pounds ($197 million) for his 88 percent stake.

    West Brom's new owners are Yunyi Guokai (Shanghai) Sports Development Ltd, a consortium headed by 42-year-old Lai Guochuan, who said: "My immediate priorities will be to maintain the club's stable structure, respecting its well-run nature and its heritage. I have no intention of changing its heritage."

    New chairman John Williams told the club's website: "Our immediate focus is the transfer window."

    West Brom, based in the west Midlands area, finished 14th out of the 20 Premiership clubs last season, gaining 73 million pounds in prize money.

    The acquisition is subject to approval by the English Football Association and the Premiership.

    Their bitter rivals, the Wolverhampton Wanderers, were bought by Shanghai-based investment group Fosun International Ltd, chaired by billionaire businessman Guo Guangchang. Wolves play in the Championship, the next division down from the elite Premiership. Aston Villa, based near West Brom, were acquired by Tony Xia, after being demoted from the Premiership last season.

    Today's acquisition means that two of England's oldest clubs have been acquired by Shanghai-based groups. Previous investments include a 13 percent stake in leading Premiership club Manchester City, which cost China-based CMC Group 265 million pounds at the end of last year.

    Simon Chadwick, a professor of sport business strategy at Salford University, told China Daily: "The acquisition of West Brom is striking. It is the third West Midlands club bought by Chinese investors this year. This reveals something about both China's soccer and broader industrial ambitions"

    Marcus Shadbolt, managing partner of Vermilion Partners, lead advisor for the Chinese investor, said: "West Brom is a well-managed club and the deal is a good football investment in itself. The deal creates synergies through connecting the club with the Chinese market and Palm, one of the members of the consortium, which can add a great football dimension to its new eco-town developments."

    Meanwhile in Milan, a spokesman for Fininvest, the company headed by former prime minister Silvio Berlusconi, denied reports that Fosun had made a direct or indirect proposal to buy AC Milan, the club owned by Berlusconi.

    The Chinese consortium bidding for the club has never been identified, and talks have been reportedly held up by minor details.

      

    Related news

    MorePhoto

    Most popular in 24h

    MoreTop news

    MoreVideo

    News
    Politics
    Business
    Society
    Culture
    Military
    Sci-tech
    Entertainment
    Sports
    Odd
    Features
    Biz
    Economy
    Travel
    Travel News
    Travel Types
    Events
    Food
    Hotel
    Bar & Club
    Architecture
    Gallery
    Photo
    CNS Photo
    Video
    Video
    Learning Chinese
    Learn About China
    Social Chinese
    Business Chinese
    Buzz Words
    Bilingual
    Resources
    ECNS Wire
    Special Coverage
    Infographics
    Voices
    LINE
    Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
    Copyright ©1999-2018 Chinanews.com. All rights reserved.
    Reproduction in whole or in part without permission is prohibited.
    主站蜘蛛池模板: 美姑县| 遂川县| 拉萨市| 临湘市| 平舆县| 高碑店市| 剑川县| 法库县| 桂林市| 冕宁县| 乐安县| 绍兴市| 云霄县| 乐至县| 华池县| 松原市| 保亭| 新乡县| 公主岭市| 新泰市| 长岭县| 股票| 黄陵县| 合川市| 独山县| 阳江市| 肥西县| 阿瓦提县| 安陆市| 合山市| 峨边| 清徐县| 光泽县| 阳新县| 花垣县| 沙河市| 久治县| 中西区| 安阳县| 林州市| 裕民县|