Ex-NBA star Yao Ming's PE fund seals US kickboxing deal
Yao Capital, an investment firm co-founded by Chinese former NBA star Yao Ming, has invested in Singapore-based kickboxing programmer Glory Sports International. The deal includes a joint venture that will promote the sport in China.
According to a statement, the commitment completes an undisclosed Series B round of funding for the company and includes an agreement to immediately invest "significant capital" into the China JV. Cable and broadband provider Liberty Capital as well as existing backer Twin Focus Capital are among the other participants in the round.
Glory will use the new funding to increase its live event presence to 18 dates in 2017. This will include an expansion into Southeast Asia and Latin America, as well as the launch of a reality television programing business. The effort is expected to allow the company to engage with spectators more than 2 billion times during the year via live events, television and digital platforms.
"As kickboxing is gaining worldwide popularity among the younger generation, Yao Capital is pleased to partner with Glory, the world's number one league in this field," said Yao, who is the firm's chairman. "Today, we join forces to promote the sport of kickboxing and encourage more young people to be involved in this sport to become the hero in their own life."
Founded in 2012, Glory is considered a global leader in combat sports entertainment, with kickboxing events broadcasted in 160 countries. It has hosted 36 events in 12 countries, with men's and women's rosters totaling 130 athletes across seven weight classes.
Ming began investing in private equity in 2011, reportedly backing two funds. The Glory deal reflects the rise in Chinese celebrity activity within the asset class as well as an extension of recent activity from retired athletes. It follows an investment in Chinese educational platform VIPKID by Bryant Stibel, a firm launched by fellow NBA star Kobe Bryant that is investing a new $100 million venture fund.
Yao Capital was founded by Ming, his business partner Erik Zhang and David Han, former managing director of The Carlyle Group. It focuses on growth and buyout sports investments industry in China as well as overseas.
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