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The funding, conducted in two parts, valued LeTV
Sports at about 2.8 billion yuan ($451.37 million), Leshi
Internet Information & Technology Corp Beijing (LeTV) said in a
statement on Wednesday.
Yunfeng Capital, a private equity company established by Ma, as
well as Wanda Investment, a firm controlled by Wang, the
chairman of Dalian Wanda Commercial Properties Co Ltd, were the
lead investors, it added. LeTV Sports produces and broadcasts
sports events including football, basketball, tennis and golf.
The investment is the latest into sports for both Ma and Wang,
two of China's wealthiest businessmen. The sector has seen a
boom in private investment after receiving vocal support from
Chinese President Xi Jinping.
"With the favorable policies from the government and outstanding
executive team of LeTV Sports, it is natural for us to invest in
companies like LeTV Sports," said Kan Zhidong, president of
venture capital firm Fortune Link, another investor who took
part in the latest funding round.
Prometheus Capital, a private equity fund directed by Wang's
son, was also involved, the company said.
Last June, Alibaba paid $192 million for a 50 percent stake in
Chinese football Guangzhou Evergrande after a speedy deal
hatched over a few drinks between Ma and Evergrande's chairman
Xu Jiayin.
Dalian Wanda has also been heavily investing in entertainment
and sports. In February, Wanda agreed to buy Swiss sports
marketing firm Infront Sports & Media AG for 1.05 billion euros
($1.18 billion).
(Reporting by Paul Carsten and Matthew Miller in BEIJING and
Adam Jourdan in SHANGHAI; Editing by Miral Fahmy)
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