GHY seeking refund for cancelled China football tournament after Ronaldo’s injury

SINGAPORE – Singapore-listed GHY Culture & Media on Jan 24 said that it is in talks with Al Nassr Club Company for a partial refund, if any, of a collaboration fee it paid to organise a football tournament in China.

Football superstar Cristiano Ronaldo was deemed not fit to play in two friendly matches on Jan 24 and 28 following an injury. These matches were subsequently cancelled, and Al Nassr Football Club issued an apology to fans on Jan 23.

GHY previously disclosed that it would pay a US$10 million (S$13.4 million) collaboration fee to organise the tournament with Al Nassr. Its subsidiary, G Yue Culture & Media, would be entitled to exclusive organiser rights, including any and all rights related to sponsorship, licensing, broadcasting, ticketing, advertisement, endorsement, promotion.

Al Nassr Football Club said on Jan 23 that it agreed with the tournament’s organiser and promoter to schedule a new match at “a date to be defined”.

GHY previously said it does not expect the collaboration to have any effect on its net tangible assets or earnings per share for the financial year ending Dec 31, 2023.

Shares of GHY last traded at 38.5 cents on Jan 19. THE BUSINESS TIMES

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