Some time ago, the “Times” reported that Southampton’s Chinese boss Gao Jisheng intends to sell 80% of the club’s shares for 250 million pounds. If the sale is successful, the number of Chinese-funded teams in the five major leagues will decrease again. This is another setback for Gao Jisheng on the road to transforming sports investment. It can be seen from these setbacks that Chinese entrepreneurs still have a long way to go if they want to truly leverage the big pie of professional sports.


Compared with Zhang Jindong and his son, Jiang Lizhang, Li Yonghong and others, Gao Jisheng is very low-key in the football circle, so that when the "Times" broke the news, many people did not know that there was such a Chinese boss in the Premier League. Gao Jisheng was most famous when he acquired Southampton more than two years ago. Van Dyke was about to put on Liverpool's jersey to join Mane, but the sudden acquisition delayed the transaction. Since then, Southampton has not bought and bought in the transfer market like AC Milan, Gao Jisheng has faded out of the fans' vision.

与张进东及其儿子姜立章,李永宏等人相比,高积生在足球圈里很低调,以至于《时报》爆料时,很多人都不知道有这样一个中国人。英超联赛的老板。高智晟两年多前收购南安普敦时最为著名。范戴克(Van Dyke)打算穿上利物浦的球衣加入曼恩(Mane),但突然的收购推迟了交易。从那以后,南安普顿就没有像AC米兰那样在转会市场上买卖了,高继升逐渐淡出了球迷的视野。

However, in the capital market last year, Gao Jisheng and his Rheinland Sports created a lot of topics. In January 2019, the Lynda Holding Group, which Gao Jisheng actually controls, signed an agreement with Fan Mingke, the owner of Jinmailang Shao, to transfer 29% of the group’s Rhein Sports to Fan Mingke at a price of 1.3 billion yuan, and agreed that Fan Mingke would The purchase price will be paid in full within 4 days. Since Jinmailangshao’s owner failed to pay the payment within the agreed time, Rheinda Group announced the cancellation of the agreement one month later.

然而,在去年的资本市场中,高继升和他的莱茵体育创造了很多话题。 2019年1月,由高继升实际控制的Lynda Holding Group与金麦朗邵的所有者范明科签署协议,以13亿元人民币的价格将集团的Rhein Sports的29%转让给范明科,并达成协议购买价格将在4天内全额支付。由于Jinmailangshao的所有者未在约定的时间内付款,Rheinda Group宣布一个月后取消了该协议。

The payment period is so short, it can be seen that the capital chain of Rheinland Sports has indeed encountered great difficulties. Before signing the agreement with Fan Minke, the Lynda Group held 47.7% of the shares in Lyne Sports, of which 47.45% were pledged for financing. In June, Rheinland Sports and Chengdu Sports Investment Company reached a transfer agreement, and finally sold this part of the shares in exchange for 1.3 billion yuan in funds.

支付期限如此之短,可以看出莱茵体育的资本链确实遇到了很大的困难。在与范敏科签署协议之前,Lynda集团持有Lyne Sports的47.7%的股份,其中47.45%的股份已用于融资。 6月,莱茵体育与成都体育投资公司达成转让协议,最终出售了这部分股份,以换取13亿元的资金。

This acquisition also attracted the attention of the Premier League. Since the actual controller of Chengdu Sports Investment Company is the Chengdu SASAC, the Premier League conducted an investigation on Nan'an Pudu’s equity structure to determine whether the team became government-owned. . However, this acquisition does not seem to completely solve the problem of Rheinland Sports' capital chain. In the third quarter of last year, their net operating cash flow was 119 million.

此次收购也引起了英超的关注。由于成都体育投资公司的实际控制人是成都国资委,因此英超联赛对南安普渡的股权结构进行了调查,以确定这支球队是否成为政府所有。 。但是,这次收购似乎并未完全解决莱茵兰体育的资本链问题。去年第三季度,他们的净运营现金流量为1.19亿美元。

From this point of view, the "Times" news is extremely credible. Gao Jisheng does need to sell Southampton's equity to ease the huge financial pressure.


Just a year before the transfer of equity to Fan Mingke, Xinhua News Agency published an interview with Gao Jisheng, in which he used "the strong man to break his wrist" to describe Gao Jisheng's transformation of the sports industry. In 1995, he established Laihe Da Holding Group Company in Hangzhou, which is mainly engaged in real estate business. Seven years later, he went public on the backdoor and the securities were renamed Laihe Real Estate. As for the prospects of the real estate market, Gao Jisheng once calculated the turning point based on the demographic trend, but the turning point came much earlier than he expected.

在将股权转让给范明科的前一年,新华社发表了对高继生的采访,他在采访中用“强者摔断了手腕”来描述高继生对体育产业的转型。 1995年,他在杭州成立了莱河达控股集团公司,该公司主要从事房地产业务。七年后,lol比赛投注网站他通过借壳公开上市,证券更名为来合房地产。至于房地产市场的前景,高继升曾经根据人口趋势计算出转折点,但转折点比他预期的要早得多。

In 2014, the real estate market changed. In the first quarter, Rheinland Property suffered a loss, and its net profit for the year fell by 37%. The sharp decline in performance made Gao Jisheng decide to transform. After some consideration, he focused on the sports industry. It is undeniable that there are sentimental factors in entering sports. Gao Jisheng studied sports management major in college. After Rheinland Real Estate changed its name to Rheinland Sports, it sold more idle properties and even wholly-owned subsidiaries under its name to pump blood for the sports industry.

2014年,房地产市场发生了变化。在第一季度,莱茵房地产遭受了亏损,其全年净利润下降了37%。业绩的急剧下降使高继升决定转型。经过一番考虑,他专注于体育产业。不可否认的是,参加体育运动有情感因素。高继升在大学学习体育管理专业。莱茵兰房地产(Rheinland Real Estate)更名为莱茵兰运动(Rheinland Sports)之后,它出售了更多闲置物业,甚至以其名义出售了全资子公司,为体育产业注入了鲜血。

In the acquisition of Southampton, Rheinland Sports was hindered by the strict control of overseas mergers and acquisitions by the supervisory authority. However, Gao Jisheng still learned from Jiang Lizhang and Zheng Nanyan's "experience", using the advantages of Hong Kong's free exchange of foreign currencies, bypassing policy barriers, and completing the acquisition in his own name. However, feelings and professionalism did not bring much investment and profit to Rheinland Sports. Rheinland’s operating income has never exceeded single digits in the group, and then it fell into the quagmire of the capital chain.


In fact, from the perspective of investment and operation, Gao Jisheng's choice was not entirely out of feelings, and his investment choices were not very professional, and he was even very blind. In 2014, the state issued No. 46 document to comprehensively promote the development of the sports industry. Rheinland Sports successively acquired 55% of the shares of Asian Professional Basketball Corporation and 100% of the shares of Pegasus Fitness; in 2016, the Ministry of Housing and Urban-Rural Development, Development and Reform Commission, and Ministry of Finance jointly issued the "About "Notice on Carrying out the Cultivation of Featured Sports Towns", Rheinland Sports has invested another 20 billion in the construction of Rheinland International, Puyang, Chengdu Gexianshan, Liangjiang Charm and other 4 sports towns. In comparison, the acquisition of the Saints for 200 million pounds can only be regarded as a "small business."

实际上,从投资运营的角度看,高继升的选择并非完全出于感情,他的投资选择也不是很专业,甚至是非常盲目的。 2014年,国家发布第46号文件,全面促进体育产业发展。莱茵体育先后收购了亚洲职业篮球公司55%的股份和飞马健身的100%的股份; 2016年,住房和城乡建设部,发改委,财政部联合发布了《关于开展特色体育城镇建设的通知》,莱茵体育又投资200亿元建设莱茵国际公司,Pu阳市,成都市仙人山,两江风情镇和其他4个运动城镇相比,以2亿英镑收购圣徒队只能算是“小生意”。

To put it simply, Gao Jisheng's investment strategy is to closely follow the policy direction, and invest whatever the government encourages.


But there is a problem here. It is true that you can get policy preference and preferential policies by following the policy orientation. As an enterprise in the market, you cannot take the policy as your food. The government can guide your investment direction through policies, but it cannot teach you how to achieve profitability. To make profits and attract investment, entrepreneurs also need to operate themselves.


From a commercial point of view, sports is a kind of "eyeball economy", and the level of income is directly proportional to the amount of attention. In China, there are basically two models for making money from sports. One is to buy clubs to participate in professional leagues, and to promote their main business. This is the case for Evergrande and Wanda before it. The second is to organize some people with high participation. The competition and vigorously promote the momentum to drive traffic. A typical example is the international marathon held by many cities.


However, these characteristic towns built by Rheinland Sports did not hold any eye-catching competitions, and rarely saw relevant advertisements in the media. Many sports fans don't know where the characteristics of these small towns are, or even their existence. Turning from real estate to sports, Gao Jisheng’s efforts are indeed like "a strong man breaking his wrist", but after breaking his wrist, he did not take the necessary measures to give him a new life.


If you can't play at home, it is also difficult to get satisfactory results in the highly competitive Premier League. Before Gao Jisheng’s acquisition, Southampton’s operating income reached 182 million and net profit reached 43 million pounds; and one year after the acquisition, operating income fell to 152 million and net profit reached 35 million pounds. The profit can be realized when operating income has fallen by 30 million and the overall expenditure scale has not changed, mainly due to the 69 million net transfer income and expenditure realized by the sale of Van Dyke. In the last year's financial report just announced, the team ended its consecutive year of profitability, with a loss of 34 million pounds.

如果您不能在家中比赛,那么在竞争激烈的英超联赛中也很难获得令人满意的成绩。在高智晟收购之前,南安普敦的营业收入达到1.82亿英镑,净利润达到4300万英镑。收购一年后,营业收入下降至1.52亿英镑,净利润达到3500万英镑。当营业收入减少了3000万且总支出规模没有变化时,才可以实现利润,这主要归功于出售Van Dyke带来的6900万净转移收入和支出。在刚刚宣布的去年财务报告中,车队连续三年盈利,亏损3400万英镑。

The decline in operating income was due to the fact that Gao Jisheng did not continue to invest money in the team after he entered the home team, which caused the team to fail to make up for the loss of many stars. In the first season of the acquisition of the team, Southampton dropped from the upper middle and upper reaches of the standings to the relegation ranks, broadcasting revenue fell by 26 million, and match day revenue also fell by 3 million. Up to the present position, the club has not announced the financial report of the previous year, but from the performance and operation of the past year, the financial situation of the team is not optimistic.


The inability to increase capital investment is because, on the one hand, Lanyin Sports has occupied a huge amount of funds in several domestic projects, on the other hand, it is the tightening of foreign exchange management. According to the “Times” report, Gao Jisheng’s acquisition of Southampton’s £200 million was not entirely funded by himself, but mainly from several financial institutions such as Hong Kong Nanyang Bank. Therefore, after the acquisition is completed, the new owner who is difficult to make additional investments immediately informs the team that funds need to be obtained through business operations.


But even if there is no capital injection, the club can fully rely on its own management capabilities to survive. Southampton's management efficiency is very high. The youth training and the low buying and high selling in the transfer market have brought extremely lucrative benefits to the team. At the beginning of the club’s change of ownership, the financial situation was very healthy. The Saints still had the foundation to win the League Cup runner-up. The £75 million brought by Van Dijk’s transfer to Liverpool half a year later was enough for the team to bring in several powerful players. , Consolidate the tactical system framework.

但是,即使没有注资,俱乐部也可以完全依靠自己的管理能力生存。南安普敦的管理效率非常高。青年训练和转会市场的低买高卖为团队带来了极为丰厚的收益。俱乐部所有权变更之初,财务状况非常健康。圣徒队仍然是赢得联赛杯亚军的基础。半年后凡·迪克(Van Dijk)转会至利物浦(Liverpool)带来的7,500万英镑足以让球队引进几名实力雄厚的球员。 ,巩固战术体系框架。

However, Southampton has not reproduced the signings of Pellet, Mane, Tadic, Van Dyke, etc. They spent 100 million pounds on the transfer market, but they bought Guido. -Carrillo, Wesley-Hurt, Westco, El Yunussi, etc. players. In terms of head coach selection, Pellegrino, who was hired by the team, also failed to adapt to the rhythm of the Premier League. His tactical formulation and selection of personnel have been criticized by all parties, and the efficiency of the team's offensive and defensive ends has fallen sharply.

但是,南安普敦并没有复制佩莱(Pellet),鬃毛(Mane),塔迪奇(Tadic),范戴克(Van Dyke)等人的签字。他们在转会市场上花费了1亿英镑,但他们收购了圭多(Guido)。 -Carrillo,Wesley-Hurt,Westco,El Yunussi等球员。在主教练选拔方面,被球队聘用的佩莱格里诺也未能适应英超的节奏。他的战术制定和人员选拔遭到了各方的批评,球队攻防两端的效率急剧下降。

There have been fans who have taken stock. Starting from Bell, adding up the players who went out in Southampton is enough to save a strong and thick team. Although the loss of these talents is regrettable, it is enough to see the strong strength of Southampton's youth training, signings and training. However, after selling Van Dijk, the team no longer has the classic case of buying low and selling high. For a time, only the tepid Ward Prouss was left in the youth training products, which did not appear until this season. Out of Smolburne.

有一些球迷盘点了。从贝尔开始,将在南安普敦(Southampton)外出的球员加起来就足以挽救一支强大而强大的球队。尽管这些人才的流失令人遗憾,但足以看到南安普敦的青年训练,签约和训练的强大力量。但是,在出售Van Dijk之后,车队不再具有低买高卖的经典案例。一段时间以来,青年训练产品中只剩下温和的Ward Prouss,直到本赛季才出现。走出斯莫尔本。

In the past two years or so, it is not only Van Dijk that the team has lost, but also some of the management's officials. In 2017, the signings supervisor Bill Green passed away and lost the Bóle who was extremely good at player analysis. Both the team's youth training and signings suffered heavy losses. Subsequently, the outstanding club development director and vice chairman Les Reid, sports director Ross Wilson, known as a "genius observer", and experienced chairman Ralph Kruger left the job. Insiders once revealed that except for the head coach, everyone else in the club lacks football industry experience. It is difficult to control the situation with a single head coach.

在过去的两年左右的时间里,不仅失去了范迪克(Van Dijk),而且失去了一些管理人员。 2017年,引援主管比尔·格林(Bill Green)去世,失去了非常擅长球员分析的鲍尔(Bóle)。球队的青年训练和引援都遭受了重大损失。随后,杰出的俱乐部发展总监兼副主席莱斯·里德,体育总监罗斯·威尔逊(被称为“天才观察家”)和经验丰富的董事长拉尔夫·克鲁格离职。内部人士曾经透露,除了总教练,俱乐部的其他所有人都缺乏足球行业的经验。一个总教练很难控制这种情况。

Obviously, after Gao Jisheng acquired the team, he carried out a purge of the team's management, which was completely inconsistent with the promise he made when he first entered the team to "trust the club's existing management team". According to insiders, it is Gao Jisheng’s daughter who plays the role of Ralph Kruger. Although her English is quite good and she has strong management skills, but she doesn’t know anything about football and she doesn’t know what the club should do. , Let alone a set of effective plans. The foundation of Southampton's survival was shaken, and the team became a relegation team from the benchmark of the middle and upper reaches of the team.

显然,高继升收购球队后,他对球队的管理进行了清洗,这完全违背了他第一次进入球队时所做出的“信任俱乐部现有的管理团队”的承诺。据内部人士称,扮演拉尔夫·克鲁格(Ralph Kruger)的是高吉生的女儿。尽管她的英语很好,而lol投注网站且她有很强的管理能力,但是她对足球一无所知,也不知道俱乐部应该做什么。 ,更不用说一套有效的计划了。南安普敦的生存基础动摇了,从中上游的基准来看,这支球队降级了。

Speaking of ignorance of football, the former female boss Catelina Liebherr does not understand, and has little interest in football. The club can only be regarded as the legacy left by her father Marcus, otherwise she would not sell it. Lose the club’s equity. But even so, during the time when Catalina was in charge of the club, the team first returned to the Premier League, sat firmly in the upper middle and upper reaches, and also qualified for the European war, and the team's income was quite stable.

谈到足球的无知,前女老板卡特琳娜·利勃海尔(Catelina Liebherr)不了解,对足球几乎没有兴趣。俱乐部只能被视为父亲马库斯(Marcus)留下的遗产,否则她不会出售。失去俱乐部的资产。但是即便如此,在卡塔琳娜(Catalina)掌管俱乐部的那段时间里,球队首次重返英超联赛,牢牢坐在中上游地区,也有资格参加欧洲战争,球队的收入还是相当稳定的。

In fact, when Catalina took over the team, she also fired Nikolai Cortez and other former ministers, but after the cleaning, she hired professionals like Ralph Kruger and completely Hand over management rights instead of appointing relatives to take care of it like Gao Jisheng did. The two very different management methods are a true portrayal of the differences between domestic and Western entrepreneurs.

实际上,当卡塔琳娜(Catalina)接管球队时,她还解雇了尼古拉·科尔特斯(Nikolai Cortez)和其他前任部长,但在清洗之后,她聘请了拉尔夫·克鲁格(Ralph Kruger)这样的专业人员,并完全移交了管理权,而不是像高纪升那样任命亲戚来照顾。两种截然不同的管理方法真实地描绘了国内外企业家之间的差异。

Western investors have always distinguished clearly between ownership and management rights. They do not need to master the relevant knowledge of their own investment fields, but only need to hire professionals to serve as senior management personnel and grant them relatively independent management power. In order to prevent these people from taking advantage of professional asymmetry to damage the rights and interests of investors, the company has to set up a board of supervisors to conduct internal supervision, and hire an accounting firm to audit its operations. This is also the operation of modern enterprises with "directors, supervisors, and high-level external audits". Management mode.


Domestic business owners usually regard "beyond power" as a taboo. Smaller business owners tend to shoulder the responsibility of production, sales and procurement. Larger business owners put their relatives in key departments and lose money. Regardless of professionalism, my relatives may not be as reliable as they seem. This is one of the main reasons why domestic small and medium-sized enterprises generally have a short lifespan.


From the real estate industry to the sports industry, Gao Jisheng’s courage can indeed be called "the strong man broke his wrist". Looking at the European and American countries where the professional sports economy is quite mature, their sports industry has gone through more than 100 years from its origin to the present, and now it has a set. A very mature business model, many of which have concepts that many Chinese entrepreneurs cannot understand. If you want to move this big cake, you must first respect and understand other people’s concepts, as Zhang Jindong said: "Inter We can afford Ronaldo and Messi, but we can’t do that. We must abide by the "Financial Equity Act." As he said, Inter Milan did not rely on capital investment to rapidly expand its strength, but regained its vitality step by step. The domestic sports industry is still in its infancy and is still a sunrise industry. However, if they want to truly grow and mature, domestic entrepreneurs still have a way to go.

从房地产行业到体育行业,高积生的勇气确实可以称为“强者摔断了手腕”。纵观职业体育经济已经相当成熟的欧美国家,他们的体育产业从起源到现在已经经历了一百多年,现在已经有了一套。一种非常成熟的商业模式,其中许多概念具有许多中国企业家无法理解的概念。如果您想举起这个大蛋糕,就必须首先尊重并理解他人的观念,正如张近东所说:“国米我们负担得起罗纳尔多和梅西,但我们做不到。我们必须遵守《金融公平法》 “正如他所说,国际米兰并不是依靠资本投资来迅速扩大实力,而是逐步恢复了活力。国内体育产业仍处于起步阶段,仍然是朝阳产业。但是,如果他们想真正的成长和成熟,国内企业家还有一段路要走。

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