People walk along the Central Waterfront Promenade on August 21, 2023, with towering skyscrapers as a backdrop. (SHAMIM ASHRAF / CHINA DAILY)
Hong Kong family office Tsangs Group and Eagle Football Holdings Ltd, the family office of entertainment technology pioneer John Textor, have signed a partnership agreement to jointly invest globally in entertainment, sports and media, with the Middle East and Southeast Asia key regions of focus.
Patrick Tsang, chairman of Tsangs Group, will act as a strategic advisor to John Textor, who is the majority owner and chairman of Eagle Football Holdings Ltd, for the Middle East and Southeast Asia regions.
Tsang will also provide specific counsel relating to his leadership interest in Eagle Football Holdings, which has football organizations with top-tier clubs and elite academies in Lyon, London, Brussels, Florida and Rio De Janeiro, according to a Feb 19 press release
Tsang will also provide specific counsel relating to his leadership interest in Eagle Football Holdings, which has football organizations with top-tier clubs and elite academies in Lyon, London, Brussels, Florida and Rio De Janeiro, according to a Feb 19 press release.
Tsang, who has been traveling to the Middle East for over two decades, told China Daily that they “recognize the immense investment potential in the region”, particularly with the ongoing economic transformation and national initiatives, such as Saudi Vision 2030 and the “We the UAE 2031” plan.
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“Since 2021, we have established our Dubai office in the Dubai International Financial Centre (DIFC). Tsangs Group is proud to be the first Far East family office to set up in DIFC. The ties between China and the Middle East have grown closer, especially with the introduction of the Belt and Road Initiative” and Chinese President Xi Jinping’s visits to the region, Tsang said.
“As a super connector and value-added entity, we firmly believe that Tsangs Group, headquartered in Hong Kong but with a global footprint, can seek and identify high-potential companies worldwide for investment opportunities,” he added.
The new partnership is a reunion between Tsangs Group and John Textor, building on the success of their past collaboration, such as the development of FaceBank Group, its acquisition of fuboTV Inc in early 2020, and the IPO of the combined companies later that same year, the press release said.
“Reaching a market capitalization of more than $8 billion in late 2020, the NYSE-listing of Facebank/fuboTV proved to be among the most successful public offerings of 2020,” it noted.
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The FaceBank Group is a technology-driven intellectual property company while fuboTV is an American streaming television service that focuses primarily on channels that distribute live sports, including NFL, MLB, NBA, NHL, MLS and international soccer, as well as news, network television series and movies.
Textor said they are delighted to strengthen the cooperation with Tsangs Group as Tsang, the chairman, “always put the excellence and uniqueness of any project first”, citing his vast business network in Asia and the Middle East “like no other”.
Tsang also believes in the potential of Southeast Asia with the region's demographic vitality, characterized by a high population with a youthful demographic, vigorous consumption patterns, and burgeoning urban development.
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He said that coupled with a swift uptake of cutting-edge technologies and substantial capital inflows into economic hotspots like Singapore and Indonesia, Southeast Asia presents a landscape ripe for innovation and investment.
