Alibaba's Sports Unit Alisports Rumored To Seek $170M From Investors

Shanghai-based Alisports, the sports unit of Alibaba Group Holding Ltd., is in the process of raising a RMB1.2 billion (US$170 million) series A round led by Yunfeng Capital, a private equity firm co-founded by Alibaba's founder Jack Ma.

Beijing-based Yunfeng Capital, which often works along side Alibaba in the Chinese Internet giant's strategic deals, is likely to contribute RMB1 billion (US$140 million) to the funding round. A number of Chinese investment companies whose identities could not be confirmed are also participating.

The funding round, if completed, will value the 19-month-old Alisports at RMB$7 billion (US$1 billion) post-money, adding another technology unicorns to China's tally of 45 such companies.

Alisports did not immediately respond to an inquiry from China Money Network to confirm the facts.

Founded in September 2015 by Alibaba, Sina Corp. and Yunfeng Capital, Alisports counts Alibaba's chief executive officer Daniel Zhang as its chairman. Zhang Dazhong, a former vice president of Shanghai Media Group, serves as its chief executive officer.

Alisports aims to build a platform providing sports events, tickets, sports matches and sports news content based on Alibaba's e-commerce ecosystem and Sina's media resources.

The company partnered with FIFA shortly after it was established, and was the title sponsor of FIFA Club World Cup from 2015 to 2020. It also acquired the broadcasting rights of the National Football League (NFL) last January.