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Sport an enormous deal in China, says PCG Entertainment plc boss

Asia focused PCG Entertainment Plc (LON:PCGE)  chief executive Nick Bryant  told Proactive the group was "very lucky" to be working with Tianrong Sports on the latest football venture in China.

The group is a wealthy petrol distributor but has a big interest in sport and controls all the Formula 1 power boat racing in China and is a trusted partner of the government - something which will aid PCG, he says.

The firm has signed an MoU with Shenzhen Tianrong Sports Culture Management Co on a venture to build a “major” football academy in the country.

"Sport is an enormous deal in China  at the moment," he said.

The government have set some targets for sport to deliver in effect 1% of GDP (gross domestic product) by 2025.

Initially PCG will operate on a retainer fee in the football project, but longer term, will take an equity stake.

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