The saga at once high-flying Chinese Internet company LeEco continues. The latest sign of financial distress at the Beijing-based tech conglomerate is that its sports unit has lost the rights to broadcast Asian Football Confederation soccer games after missing payments on a US$100 million contract.
LeSports missed a payment in January and last week failed to meet another deadline to pay a portion of its US$100 million contract, according to media reports citing insiders. LeSports did not respond to an inquiry by China Money Network to confirm the default.
The reported default took place despite news that the company, founded by billionaire Jia Yueting, secured a RMB15.04 billion (US$2.18 billion) investment from property developer Sunac China Holdings in January, and last month sold a 2.3% stake in its smart TV unit for RMB720 million (US$10...
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