China's Alibaba agrees to buy 50 pct stake in Guangzhou Evergrande soccer club

BEIJING, June 5 Wed Jun 4, 2014 11:28pm EDT

BEIJING, June 5 (Reuters) - China's Alibaba Group Holding has agreed to buy a 50 percent stake in Guangzhou Evergrande Football Club, Alibaba's chairman Jack Ma and Xu Jiayin, chairman of the Evergrande group, said at a media conference on Thursday.

The companies did not immediately give a figure for the investment, but Chinese state media reported earlier on Thursday it would total 1.2 billion yuan ($192 million). ($1 = 6.2504 Chinese Yuan Renminbi) (Reporting by Paul Carsten)