China's Alibaba agrees to buy 50% stake in Guangzhou Evergrande soccer club

China's Alibaba Group Holding has agreed to buy a 50 per cent stake in Guangzhou Evergrande Football Club, Alibaba's chairman Jack Ma and Xu Jiayin, chairman of the Evergrande group, said at a media conference on Thursday.

The companies did not immediately give a figure for the investment, but Chinese state media reported earlier on Thursday it would total 1.2 billion yuan ($192 million).

($1 = 6.2504 Chinese Yuan Renminbi)