The International Boxing Association (AIBA) and Alisports, the sports division of Alibaba Group, have agreed on a joint venture to raise awareness about boxing across the country and other parts of the world, China Daily reported.

The joint venture is a result of the MOU signed between both parties earlier this year. Alisports said it would be investing 500 million Swiss francs ($506.45 million) in the joint venture project.

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"We are confident we can achieve global progress and advancement of the sport of boxing in the world through this unparalleled collaboration," Zhang Dazhong, Chief Executive Officer of Alisports, said.     

The joint venture will see Alisports and AIBA cooperate in multiple areas: from association's exclusive matches and events to big-data mining, membership services, and extended e-commerce product lines.   

AIBA is betting on Alibaba's ability to mine huge data to promote boxing across the country. Speaking on the issue, Zhang Dazhong said company's ability to reach out to millions of target customers through internet and e-commerce offers immense scope to promote boxing across China.

According to Lin Fei, director of boxing division at the Shanghai-based SECA World, the number of amateur and professional boxers has grown 20-fold over the past five years.    

Alisports Pursuit To Build A Sports Empire    

Alisports has signed deals with a number of sports organizations like FIFA, National Football League (NFL) and World Rugby. Experts say that through these lucrative deals, Alisports is trying to harness the potential of China's sports industry, which is estimated to be worth billions of dollars.

TagsAlisports, AIBA world boxing championship, AIBA, Boxing in China