Mike Stubbs . Business . Friday 25th November 2016 . 15:28
The Suning Commerce group has purchased the Korean League of Legends team Longzhu Gaming.
Suning Commerce is one of the biggest retailers in China that isn't owned by the government, giving them the freedom to do what they want. With this freedom they decided to invest in the struggling LCK team Longzhu Gaming, who has had an incredibly disappointing season.
The report from Fomos that broke the news states that the new investors will steadily increase the amount of funding the team has over the next season, hoping to slowly but surely build them into world beaters. This plan includes creating an office for the organisation and bringing in more staff.
This is the first eSports investment the Suning Commerce Group has made, but over recent months they have expanded into the sporting world, by purchasing Inter Milan and spending a reported $700 million on broadcasting rights for the Premier League. As one of the biggest companies in China, which has supposedly made around $58 billion, investing a few million into LoL certainly isn’t a massive investment.