Alibaba has bought a 50% stake in a Chinese soccer team

Alibaba Group chairman Jack Ma announced today at a press conference that the company will buy a 50% stake in Guangzhou Evergrande Football Club, one of China’s top soccer teams. The deal’s value was not disclosed, but it is reportedly worth 1.2 billion yuan ($192 million), according to Xinhua, the official Chinese state news agency. The investment may be part of an effort by Alibaba to extend its core offerings beyond e-commerce and into online entertainment ahead of its IPO, as it faces more competition from other e-commerce firms like JD.com, which recently held a successful IPO.