Internet company LeTV's appetite "seems to have grown" beyond smart TVs and video content services to professional football clubs, according to Jing & Yuan of CHINA DAILY. The Beijing-based company, according to unconfirmed media reports, is believed to be "keen on acquiring a stake" in Chinese Super League club Beijing Guoan. Reports had indicated that LeTV was "in discussions with CITIC Group" to acquire the latter's 50% stake in Beijing Guoan. LeTV Sports CEO Lei Zhenjian, however, said that the acquisition is "yet to be firmed up" even as LeTV Chair & Founder Jia Yueting made a "surprise visit to Guoan's home turf" -- the Beijing Worker's Stadium -- recently. CITIC agreed to transfer its 50% share in Beijing Guoan in late December on conditions that LeTV "will not change the colors, name and logo of the team." The estimated market value of Beijing Guoan is about $613M. That means LeTV "would have to shell out" roughly 2B yuan ($300M) for the 50% stake, said "industry sources" (CHINA DAILY, 1/6). INSIDE WORLD FOOTBALL's Paul Nicholson reported the winning bid for Beijing Guoan is "expected to be announced in the next few days." LeTV did make a bid in December, "alongside a number of other bidders, but the winning bid has not been unveiled." A rumor said that LeTV had acquired a 50% share in Beijing Guoan for 2B yuan, but was denied by Lei, who said he was in the U.S. at the time and that this "could not have happened." CITIC partnered with China Media Capital in December to buy a 13% minority shareholding in City Football Group, which "owns a number of football related businesses that would benefit from access to the Chinese market." The new partnership was said to be "predicated on the opportunity to create new value for CFG in China and beyond by working with CMC, CITIC Capital and the Chinese football industry" (INSIDE WORLD FOOTBALL, 1/6).
