For the first time in 135 years, ManU and Man City "will be meeting outside England," at the National Stadium in Beijing, according to Tariq Panja of BLOOMBERG. The match is part of the Int'l Champions Cup. This year, tournament owner Relevent Sports "is selling more than the teams on the field." N.Y.-based Relevent Sports "is in discussions with Chinese investors over the sale of a substantial stake in the ICC," which is valued at $300M to $500M, according to a person with knowledge of the terms. Several people familiar with the discussions "acknowledged that a deal is in the late stages." The three-week event generates revenues of more than $100M, according to one of the people. The ICC staged games in China before President Xi Jinping "announced a national initiative this spring" to make the country a global football powerhouse. Since then, Chinese investors "have gone mad for the sport." Relevent Chair Charlie Stillitano said, "You can’t plan for the president of China saying, 'We want to be the No. 1 soccer nation in the world in 2050.'" Stillitano said that Relevent "had limited the number of games it promoted in China because doing business can be a challenge for Western companies." Having a local partner "should make that easier." RSE Ventures, a firm founded by NFL Miami Dolphins Owner Stephen Ross, backs Relevent "and has used its Hong Kong subsidiary to support the ICC’s growth in China" (BLOOMBERG, 7/19).
