Alibaba takes the field in support of soccer

The increasing involvement of Chinese businesses in the soccer industry, such as e-commerce giant Alibaba's latest purchase of a stake in a top Chinese soccer club, is widely expected to spur the sport in the country.

On Thursday, Alibaba Group agreed to pay up to 1.2 billion yuan ($192 million) for a 50 percent share of Guangzhou Evergrande Football Club, the defending Chinese Super League champion owned by Chinese property giant Evergrande Group.

Alibaba's investment is part of a "strategic decision" to increase the club's capital, the property developer said. That also includes bringing in 20 more shareholders with 200 million yuan each.