Suning Sports raises $600mn in Series A funding round
Chinese sports company Suning Sports, also known as the owner of Italian football club Inter Milan, has announced that it has secured $600mn during its Series A funding round, with the likes of Alibaba and Goldman Sachs having invested in the firm.
According to Reuters, who spoke to a Suning Group representative, the funding round does not include Inter Milan, and reportedly values the firm at approximately $2.6bn.
It is expected that the funds will be used to bolster Suning Sports’ position within the sports streaming market, having already secured rights to show English Premier League, German Bundesliga and Spanish La Liga matches.
This was secured after the company led a $2bn bet to get a near monopoly on broadcasting football across China.
Alongside Alibaba and Goldman Sachs, other investors include Evergrande Group, Yunfeng Capital, Sensetime, CCB International, Minsheng Bank International, and ABC International.