UEFA seals $230 million sponsorship from China's Alipay
UEFA has secured more than €200 million ($230m) from Chinese online payments platform Alipay to sponsor leading European soccer competitions.
UEFA President Aleksander Ceferin was in Shanghai on Friday to announce the eight-year deal with Alipay to sponsor men's national team competitions, including the European Championship in 2020 and 2024 and the new Nations League.
The company is controlled by Jack Ma, the founder of e-commerce giant Alibaba Group.
World soccer's governing body, FIFA, has a tie-up with Alibaba, which was founded by Ma in 1999. Car manufacturing brand Alibaba E-Auto is the title sponsor of the Club World Cup through 2022.