New | LeTV agrees to pay 100mn yuan for title sponsorship for Beijing Guoan football club

Chinese internet company LeTV has agreed to pay 100 million yuan (HK$118.63 million) for the title sponsorship for Beijing Guoan football team this year in a strategic partnership that marks its expansion into sports club branding from smart TV and video content services.
The football team, which is controlled by state-owned investment firm Citic Group, will be renamed “Beijing Guoan LeEco Team”, LeTV announced in Beijing Tuesday.
LeTV has recently changed its name to LeEco to demonstrate the company’s cross-platform reach.
The internet company has formed a strategic partnership with Beijing Guoan Football Club, which operates the Beijing Guoan team, but has yet to reach any agreements on a stake acquisition.
Earlier media reports said that LeTV would pay 2 billion yuan to acquire a 50 per cent stake in the football club.
Luo Ning, honorary chairman of the Beijing Guoan Football Club, said the stake purchase was still under negotiation and the shareholding structure between LeTV and the soccer club was also in discussion.
“No matter what will be the structure in the future, we have one goal in common – to develop football,” Luo said.
