10 Chinese companies snap up top overseas sports teams
(chinadaily.com.cn) Updated: 2016-08-01 07:277 CEFC
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Jaroslav Mihalik from Slavia and Alhassan Wakaso from Rio in action during the Football Europa League 3rd qualifying round match SK Slavia Praha vs Rio Ave, in Prague, Czech Republic, July 28, 2016. [Photo/IC] |
Slavia Prague, one of the most historic names in Czech soccer, was heavily in debt, and near financial collapse before the start of this season in 2015.
In September, China Energy Company Limited (CEFC) bought roughly 60 percent of the club for an undisclosed sum, with Czech businessman Jiri Simane buying around 40 percent.
The CEFC soccer purchase was part of a bigger investment move by the firm into the Czech Republic. In 2014 it had decided to establish a major European base in Prague, buying two historic properties in the city, and also a number of businesses.
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