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Alibaba gets in the game with new sports company

Chinese online giant Alibaba on Wednesday set up a new company to focus on professional sports, it said in a statement, as it seeks new business areas beyond e-commerce.

Alibaba Sports Group, majority owned by Alibaba Group, will use its parent’s e-commerce ecosystem to participate in businesses such as sports media, events and ticketing, the statement said.

It aims to "transform the China sports industry" and "bring greater and better products and services to consumers, sports participants and sports fans alike," said Alibaba CEO Daniel Zhang, who will also be chairman of the new sports company.