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English Football Club Arsenal Tricked in Bogus $176,000 Chinese Largest Electric Carmaker BYD Sponsorship Deal

English Football Club Arsenal Tricked in Bogus $176,000 Chinese Largest Electric Carmaker BYD Sponsorship Deal

English premier league football club Arsenal has been tricked in a bogus $176,000 (CNY 1.2 million) “official car and bus partner” sponsorship deal with Chinese largest electric carmaker, BYD.

” English Football Club Arsenal Tricked in Bogus $176,000 Chinese Largest Electric Carmaker BYD Sponsorship Deal “

The fraudsters Li Juan and Chen Zhenyu have tricked at least 30 companies by representing BYD and sign fradulent sponsorship deals of around $177 million (CNY 1.2 billion) in the name of BYD.  They have been reported to have been arrested by Chinese police.

BYD (Build Your Dreams) was founded in 1995 and is a listed company on Hong Kong Stock Exchange and Shenzhen Stock Exchange with a market capitalisation of more than $16 billion (18/7/2018). The company is the IT industry, with businesses in rechargeable battery, handset and computer components and assembly services, automobile business in traditional fuel-powered vehicles and new energy vehicles.  The company also actively develop new energy products such as rail transit, solar farm, energy storage station, electric vehicles, LED, electric forklift.  BYD has nearly 220,000 employees and 30 industrial parks worldwide.  The company was founded as a rechargeable battery company by Wang Chuanfu.  He is a billionaire and is estimated to be worth almost $3.8 billion (Forbes).

Arsenal Football Club is one of the leading football club in England alongside Manchester United, Liverpool and Chelsea.  The club has 1.9 million members (Red & Digital members) and 38 million Facebook fans.  In 2016/2017, the football club reported revenue of $553 million (£424.0 million).  It is valued at $2.238 billion and ranked #39 in the 50 most valuable sports teams of 2018 by Forbes.

< Arsenal have issued the following statement:

BYD has informed Arsenal that they believe they have been the victim of a fraud in relation to various advertising agreements. This includes our partnership with BYD which was formally launched by both parties at an event at Emirates Stadium on 8th May. We are investigating the situation and discussing it with senior level BYD representatives who were involved in the launch of the partnership. We will make no further comments on this matter. >

Source: Arsenal, Caixin, BBC, The Sun, Forbes

 

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