Jia Yueting, the controller of LeSports, has signed an equity transfer agreement with new investors, Sohu.com reported on Wednesday, citing an insider familiar with the case.
After the transaction, 30.66% of the shares that Jia holds in LeSports will be transferred to new investors, who will be replacing Jia as the largest shareholder in the company.
It is reported that the transaction is not to a single buyer, but a consortium team made up of a number of powerful investment bodies. The funds will also cover the existing debt of LeSports and will be transferred directly to the company’s account, the source said.
The company will see a comprehensive reorganization of the board, directors, corporate governance structure and decision-making mechanism, the report said. It will also welcome new talent after the reorganization.