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SBD Global/November 11, 2013/Marketing and Sponsorship

Fenjiu Group Acquires Chinese Basketball Association Club Shanxi Zhongyu

Shanxi Fenjiu Group Deputy General Manager Li Weiping announced Sunday that "the listed wine corporation has 100% ownership" of Chinese Basketball Association club Shanxi Zhongyu, according to XINHUA. Li declined to reveal the transfer fee but said, "Our decision was based on the appraisal price given by an independent asset appraisal agency." Zhongyu club's ownership has been in question since the end of April, when Beijing Group Enterprises Co. Ltd. "bought the club but Shanxi Provincial Sports Bureau refused to let the club to move its base to Beijing" (XINHUA, 11/10).
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