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New unit aims for 鈥榮exy鈥 sports business
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ALIBABA Group said yesterday that it will establish a new sports business unit, with investment from Sina and YF Capital, which is owned by business tycoons including Alibaba’s Chairman Jack Ma, aiming to take a bigger share in the lucrative sports industry of China.
Alibaba Sports Group will integrate e-commerce, media, smart device, cloud and finance resources to make the sports business “beautiful and sexy,” said the dotcom giant.
Zhang Dazhong, former Shanghai Media Group’s vice president, was appointed as chief executive of Alibaba Sports. Zhang Yong, Alibaba’s CEO, is the new unit’s chairman.
The complete ecosystem of Alibaba will help the development of the new unit, which it hopes to become a new income engine in future, analysts said.
Several thousand sport brands sell products on Alibaba’s platforms, including taobao.com and tmall.com, used by more than 367 million active consumers.
In an earlier sports venture, Alibaba paid 1.2 billion yuan (US$188 million) for a stake in Chinese football club Guangzhou Evergrande last year.
Two weeks ago, property and entertainment conglomerate Dalian Wanda Group said it would buy the organizer of the Ironman extreme endurance contests for US$650 million.
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