Beijing, China (4E) - Alibaba-affiliate company Alipay will invest $145 million to help the development of Chinese women's soccer over the next decade.
In addition to Alipay, the foundations of Alibaba executive vice-chairman Joe Tsai and co-founder Jack Ma are also taking part in this pledge.
Chinese media pointed out this is a historic move not only because it represents China's companies intentions of investing in sports but also because this is the biggest investment in women's soccer in the history of the Asian nation.
On Monday, a spokesman for Alipay said that the company wants to bring "technology, funds and resources to better support the development of women's soccer in China."
In addition, he pointed out this investment won't be a sponsorship, meaning that it comes with "no commercial strings attached."
Regarding this move, author of "Alibaba: The House That Jack Ma Built," Duncan Clark, said this investment represents "a smart business move that also can have positive social benefits."
In addition, Clark explained "Men's soccer in China has been rife with mismanagement, corruption, and it's hard to avoid that legacy. Women's soccer offers the promise of something better."
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