GHY seeks refund for cancelled China football games after Ronaldo’s injury

GHY Culture and Media on Wednesday (Jan 24) said that it is in talks with Al Nassr Club Company for a partial refund, if any, of a collaboration fee it paid to organise a football tournament in China.

Al Nassr Football Club (FC) was scheduled to play a friendly match with Shanghai Shenhua on Jan 24 and Zhejiang FC on Jan 28 at the Shenzhen Universiade Sports Centre. Both games have been postponed following an injury sustained by Cristiano Ronaldo, forward and captain of Al Nassr FC.

The football superstar and club issued an apology to fans on Tuesday.

GHY previously disclosed that it would pay a US$10 million collaboration fee to organise the tournament with Al Nassr. Its subsidiary, G Yue Culture and Media, would be entitled to exclusive organiser rights, including any and all rights related to sponsorship, licensing, broadcasting, ticketing, advertisement, endorsement and promotion.

Al Nassr FC said on Tuesday that it agreed with the tournament’s organiser and promoter to schedule a new match at “a date to be defined”.

In its previous announcement, GHY said it does not expect the collaboration to have any effect on its net tangible assets or earnings per share for the financial year ending Dec 31, 2023.

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Shares of GHY last traded at S$0.385 on Jan 19.