Alisports, sports umbrella of the Alibaba Group, has announced a 500 million Swiss francs ($506.45 million) joint venture with the International Boxing Association (AIBA).
This news follows their memorandum of understanding (MOU) signed in January. The pair are looking to raise global awareness of boxing and maximize the value of all AIBA boxing competitions.
The two sides "will continue to work together in the coming weeks to implement the joint venture for the benefit of AIBA boxing", according to a joint statement on Monday.
The joint venture will see Alisports and the AIBA join forces on a wide range of interests —from the association's exclusive matches and events, to big-data mining, membership services and extended e-commerce product lines.
"We are confident we can achieve global progress and advancement of the sport of boxing in the world through this unparalleled collaboration," said Zhang Dazhong, Chief Executive Officer of Alisports.
Source: China Daily
Proofread by Sean O Diobhilin