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Alibaba Buys Into Soccer Team After Billionaires’ Drinks

Alibaba Group Holding Ltd. agreed to pay 1.2 billion yuan ($192 million) for a stake in China’s most popular soccer team in a deal struck over drinks between founder Jack Ma and fellow billionaire Hui Ka Yan.

China’s biggest e-commerce operator will acquire 50 percent of Guangzhou Evergrande Football Club, winner of last year’s Asian football championship, from Hui’s Evergrande Real Estate Group Ltd., the companies said at a briefing today. More investors will be sought for the team, they said.