A fan waves a Beijing Guoan flag. (Photo : Getty Images)
A branch under Chinese online video giant LeTV officially partnered with Chinese Super League team Beijing Guoan FC, the oldest professional association football club in mainland China, in a title sponsorship deal on Tuesday.
China Daily reported that LeTV's largest Shenzhen Stock Exchange listed subsidiary, LeEco, "is forming an 'in-depth' strategic partnership" with China football's Imperial Guards.
The partnership also aims to "include club operations, branding and a training program for young players", as per LeTV COO Liu Hong.
Some reports have also said that the Jia Yueting-led entertainment company is also planning to purchase 50 percent of the capital city club, which amount to around $306 million ((¥2 billion).
Right now, Beijing Guoan is 100 percent owned by state-owned investment firm CITIC Group chaired by veteran executive Chang Zhenming.
However, as per the Chinese Football Association rules, any purchases regarding the current ownership of CSL teams can only be pushed through by the end of the 2016 season in November, according to the club's honorary chairman Luo Ning.
Guoan is one of the busiest China football squads during this winter transfer window, acquiring Brazilians Renato Augusto and Ralf from the latest Brazilian Serie A winners Corinthians, Kléber from FC Porto B, and Ukrainian-Uzbeki Egor Krimets from Pakhtakor Tashkent FK.
Meanwhile, LeTV has also been busy building their association football portfolio since acquiring the exclusive rights to broadcast English Premier League games in Hong Kong from the 2016-2017 up to the 2019-2020 season, as per GB Times.
LeTV bested bidding rivals Alibaba Group, Wanda Group, and Netflix, offering $400 million to England's top flight football association for the exclusive broadcast rights.
