Alibaba scores share in soccer giant

Updated: 2014-06-05 10:39


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Alibaba scores share in soccer giant

Ma Yun, left, founder and chairman of Alibaba Group, talks with Xu Jiayin, right, Chairman of Evergrande Group, as Ma arrives at the headquarters office of Evergrande Group in Guangzhou city, South China's Guangdong province, 4 June 2014.

E-commerce giant Alibaba Group has struck a deal with Evergrande Group to pay 1.2 billion yuan ($191 million) for a 50 percent stake in the Chinese Super League club Guangzhou Evergrande, China's most successful football club in recent years, according to a report in China Business Journal.

The report said the news was confirmed by two sources close to the deal and will be announced around 11 am Thursday.

Last year, the Guangzhou club owned by Evergrande Group, became China's first club to win the AFC Champions League in the country's soccer history of last 20 years.