Chinese internet company LeEco (formerly known as LeTV), which operates the Le Sports service, and Chinese Super League (CSL) side Beijing Guoan FC held a joint press conference this afternoon to announce their strategic co-operation. 

As part of the agreement, LeEco will become the new title sponsor of the CSL team. The Chinese internet company won’t be acquiring a 50% stake of the club at this time, although some reports claimed earlier this month that the takeover is likely to be announced during this month. 

Under the partnership, Guoan will play in the CSL and CFA Cup this coming season under the name of Beijing Guoan LeEco FC.

In addition to this, LeEco and Guoan have agreed to set up a strategic development committee. Lei Zhenjian, Le Sports CEO, and Luo Ning, chairman of Guoan will serve as co-chairmen of the committee. 

As to the rumoured 50% takeover deal by LeEco, the response from both sides at the press conference was that they will talk about the possibility of equity co-operation in the future. 

According to news website Sohu, the two sides will co-operate on a comprehensive basis. They will work together on things like the daily operation of Guoan, brand building and youth training.

Source: Sohu

Proofread by John Devlin