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民企海外并购三问:钱从哪里来 监管层为何出手?

2017-07-11 09:25:49   中国经济周刊

2015年初,万达集团4500万欧元购买西班牙马德里竞技足球俱乐部20%股份。其官网文章称,这是中国企业首次投资欧洲顶级足球俱乐部。

有了“带头大哥”,2015年以来,资本大佬出海投资足球俱乐部已经成为一种“时尚”。据《中国经济周刊》记者不完全统计,两年内,中资收购控股的海外足球俱乐部就达到12家,入股的足球俱乐部超过20家。如复星买下英格兰第二级别联赛的球队狼队;黎瑞刚任董事长的华人文化控股集团联合中信资本控股有限公司出资4亿美元收购曼城俱乐部母公司城市足球集团的股权,从而获得曼城俱乐部13%的股份。

其中,颇受关注的一笔交易出自这次被银监会“点名”的浙江罗森内里投资公司控制人李勇鸿。

2016年8月,中欧体育产业投资基金(下称“中欧体育”)宣布出资7.4亿欧元收购意大利AC米兰足球俱乐部99.93%的股份,交易对手方是意大利前总理贝卢斯科尼。工商资料显示,中欧体育2016年6月注册成立,其实际控制人李勇鸿曾于2011年控盘上市公司多伦股份(现“*ST匹凸”,600696.SH),后转手给鲜言,后者因违规而在今年年初收到证监会逾30亿元的罚单。

此后,该收购案可谓一波三折,有国资股份的中欧体育随后退出,李勇鸿以罗森内里投资公司的名义最终于2017年4月完成这笔交易。

纵观这两年中资企业对海外足球俱乐部的并购热潮,绝大部分交易都属于跨界收购,且所接盘的俱乐部往往深陷亏损泥潭之中。

如苏宁集团2016年出资2.7亿欧元控股的国际米兰,此前已连续5年亏损,总亏损额达到2.705亿欧元。而李勇鸿买下的AC米兰更是已持续亏损10年,据意大利媒体报道,AC米兰2016财政年度总亏损达到7190万欧元。关于“接盘”的理由,李勇鸿称,“看好体育产业在欧洲和中国的机遇,也将坚定地支持AC米兰重回巅峰。”诸多“接盘”海外足球俱乐部的资本大佬都曾给出类似的解释。

但涉足足球领域多年的王健林对足球俱乐部却并不看好。王健林曾警告说,“这(收购欧洲俱乐部)可以带给你影响力,但是却挣不到钱。每年你都会不断烧钱,这是肯定的。欧洲俱乐部非常吸引眼球,引人关注,但是很难赚到钱。”

对于中国企业积极收购海外足球俱乐部究竟是何目的,潘功胜曾在今年3月表示,“去年一年中国企业在海外收购了很多足球俱乐部。如果说,收购有利于提升中国的足球水平,我觉得是好事。但是,情况是这样的吗?有很多企业,在中国的负债率已经很高了,再借一大笔钱去海外收购。有一些则在直接投资的包装下,转移资产。

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