GHY seeks refund for cancelled China football games after Ronaldo’s injury
GHY Culture and Media : XJB 0% 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.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Shares of GHY last traded at S$0.385 on Jan 19.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Asia: Stocks mixed after Wall Street, Europe retreat from records
Mapletree closes second Japan logistics development fund; expects 110 billion yen AUM
Dolce & Gabbana metaverse fashion offering leaves shopper fuming
Microsoft offers cloud customers AMD alternative to Nvidia AI processors
CEO of fallen Eagle Hospitality Trust seeks to contest four disclosure-related criminal charges
Crypto boom, erratic rain spark outages in Laos, Asia’s clean power export hub