Beijing Enterprises Group Company Limited, one of the most sizeable state-owned companies in Beijing, has officially reached an agreement to acquire Chongqing Aolong Basketball Club, a CBA club based in Chongqing.
The two sides announced the acquisition at a jointly held signing ceremony on August 17. Financial terms of the deal have not been disclosed but according to a person familiar with the matter, the transaction is valued at approximately 200 million RMB.
The Chongqing club will submit all materials related to the transaction to the Chinese Basketball Association after the signing.
The submission will also include the club’s plan to move from Chongqing to Beijing in the coming season leading to Beijing now having two CBA clubs. The club is sizing up several locations including Beijing Workers’ Stadium as a potential new home for Chongqing Aolong Basketball Club.
However it still needs final approval from CBA.
Source: China News
Proofread by Raymond Fitzpatrick