Alibaba sets up sports unit
Alibaba Group Holding Ltd established a sports unit, marking the e- commercegiant’s official entry into the lucrative sector.
The Hangzhou-based company said Alibaba Sports Group, which is under the control of Alibaba Group, is a coinvestment with the Internet portal Sina Corp and Yunfeng Capital, a private equity firm co-founded by Alibaba Chairman Jack Ma.
“Alibaba Sports is aiming to generate new values and upgrade the whole sports industry with our digital ecosystem,” said Alibaba CEO Zhang Yong, highlighting the Internet’s role as important infrastructure for economic growth.
The move is also part of the Internet conglomerate’s broad efforts to boost and diversify revenue sources as the company faces slower growth.
Alibaba has already set foot in the entertainment and healthcare industries with two separate units.