GHY to pay US$10 million for Cristiano Ronaldo’s Al Nassr to play in China
Vivienne Tay
GHY Culture & Media is tying up with Al Nassr Club Company to organise a football tournament in China, slated to take place in January 2024, it announced on Wednesday (Nov 8).
Football superstar Cristiano Ronaldo is expected to play in the tournament, titled “China Tournament January 2024”. It will be held in at least two cities, where two friendly matches will be held between Al Nassr and other teams to be designated by GHY.
The Singapore-listed entertainment group said it will pay a US$10 million collaboration fee to Al Nassr as part of the agreement. Its subsidiary, G Yue Culture & Media, will be entitled to exclusive organiser rights.
This includes any and all rights related to sponsorship, licensing, broadcasting, ticketing, advertisement, endorsement, promotion and more.
These rights can be sub-licensed to a third party, subject to Al Nassr’s approval.
The group 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.
GHY’s shares ended flat at S$0.375 on Wednesday.
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