(Yicai Global) Jan. 30 – Chinese conglomerate Fosun Group will team up with Heidie Capital to fund a baseball training company, as part of its plans to diversify into the sports field.
The Shanghai-based firm did not confirm specific funding values for Power Baseball, it plans to explore other sport investment projects this year, the company said yesterday.
Established in 2015 by the former captain of China's national baseball team, Power Baseball aims to raise the profile of the sport in China by holding youth training, corporate team building, school-based courses and camps. The project runs six training camps and cooperates with 10 schools so far.
Investment in Power Baseball may lead to the content related to the sport being introduced in the group's real estate projects, such as the construction of sports towns and baseball facilities at its Club Med resort villages, said Xu Ming, vice-president at Fosun Property.
Baseball remains vastly a minority sport in China. However, there have been continuous rises in demand. Initially dealing with training programs, Power Baseball aims to develop an ecosystem of services and products related to the sport, including venue operation, camp training, events-based intellectual property, to establish it as a key sports platform