Oct 24, 2016GeneralComments Off on Fubon Financial to take over EDA Rhinos Nov. 1
Fubon Financial Holdings Co. Ltd. (????) announced on Monday that its subsidiary Fubon Sports and Entertainment Co. has purchased the EDA Rhinos (????), one of the four teams of the Chinese Professional Baseball League (CPBL), at a price of NT$300 million (US$9.47 million) and will take over the team on Nov. 1.
The board of directors of Fubon Sports and Entertainment has formally approved the deal and the company has signed the contract with the Rhinos' owner EDA Sports and Entertainment, Fubon Financial said in a statement.
Fubon Financial signed a memorandum of understanding with the EDA Rhinos on Sept. 7, paving the way for its takeover of the CPBL team.
The board of directors of the EDA Rhinos announced on June 16 that it had decided to seek a buyer for the team after running it for three years.
The E-United Group, the parent conglomerate of EDA Sports and Entertainment, bought the Kaohsiung-based team from Sinon Corp. in late 2012, changing the team name to the EDA Rhinos from the original Sinon Bulls.