On the day of tip-off of the FIBA Basketball World Cup 2019, FIBA, the world governing body of basketball, and Wanda Group have signed a strategic partnership agreement. Wanda will continue as a global partner for the next 12 years, covering the next three World Cup cycles until 2031.
Basketball is a key sport in Wanda’s portfolio, with Infront’s first partnership dating back to 2005. Infront, as part of the Wanda Sports Group, formed the strategic partnership with FIBA to drive the sponsorship and licensing activities through FIBA Marketing.
As a global partner, Wanda will have global marketing rights to the next three cycles of the FIBA Basketball World Cups and World Cup Qualifiers, the Women’s Basketball World Cups, the FIBA Continental Cups and also the FIBA Youth World Cups.
Wanda will benefit from exclusive marketing rights across a wide range of categories including real estate development, shopping malls, hotels, travel agencies, movie theatres, movie and film production and film studies and amusement and theme parks.
The signing ceremony, which took place at the Wanda Vista in Beijing was attended by Wanda Chairman, Wang Jianlin, FIBA Secretary General, Andreas Zagklis accompanied by both FIBA’s outgoing President Horacio Muratore and newly elected President Hamane Niang.
FIBA Secretary General Andreas Zagklis said, “Today is a very important day for FIBA, not only because it is the start of the FIBA Basketball World Cup but it is also the day of a landmark announcement and celebration of this strategic global partnership extension with the Wanda Group.”
“This 12-year extension confirms that Wanda and FIBA together think long-term and share the same vision. With this agreement, Wanda becomes one of the longest partners of FIBA in its 90 years of history.”
Wanda Group Chairman, Wang Jianlin said “This strategic partnership between the Wanda Group and FIBA will greatly promote the development of basketball globally. It will also bring more top international basketball competitions to China and strengthen basketball’s position as the number one team sport in the country and contribute greatly to its development.”
The enhanced partnership between FIBA and Wanda will continue to promote the development of basketball worldwide, bringing more top international club competitions to China and also contributing to the development of basketball in China through programs such as the Little Champions initiative.
The Little Champions program, established by FIBA and Wanda, was developed to inspire the next generation of kids by giving them the unique opportunity to step onto the court of the FIBA Basketball World Cup 2019 and join their idols before every game.
BEIJING, March 17, 2020 (GLOBE NEWSWIRE) -- Wanda Sports Group Company Limited (NASDAQ: WSG) (the “Company”) today announced that the Company signed a $240 million senior term loan facility agreement with Credit Suisse AG, Singapore Branch, enabling the Company to refinance and prepay its existing senior 364-day term loan facility, dated March 15, 2019.
Mr. Hengming Yang, President and CEO of Wanda Sports Group said, “We are very pleased with the new credit facility. The successful refinancing demonstrates continued confidence in our business and operations, despite the global challenges and uncertainties resulting from COVID-19. We will continue to work diligently on behalf of our partners, athletes, fans and shareholders.”
Mr. Brian Liao, Global CFO of Wanda Sports Group said, “As always, we are committed to lowering our costs, monitoring our use of cash, and balancing our investments with disciplined management of our existing financial resources to optimize shareholder returns. The new facility provides the Company with additional financial flexibility, while allowing it to take advantage of the current favorable interest rate environment to lower interest costs.”
The term of the new facility is 364 days. The pricing will initially be LIBOR plus an applicable margin, and the term is subject to certain mandatory prepayment terms. These and the other principal terms of the new facility are outlined further in a Form 6-K (Report of Foreign Private Issuer) submitted today to the U.S. Securities and Exchange Commission.
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements can be identified by terminology such as “will,” “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “intend,” “potential,” “plan,” “goal” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. All forward-looking statements speak only as of the date of this press release and are expressly qualified in their entirety by the cautionary statements included in this press release. The Company disclaims any obligation to update or revise forward-looking statements that may be made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events, other than as required by law.