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UEFA gets $230M sponsorship from Chinese payment platform

SHANGHAI (AP) — UEFA has secured more than 200 million euros ($230 million) from Chinese online payments platform Alipay to sponsor leading European soccer competitions. UEFA President Aleksander Ceferin was in Shanghai on Friday to announce to the eight-year deal with Alipay to sponsor men's national team competitions, including the European Championship in 2020 and 2024 and the new Nations League .

The company is controlled by Jack Ma, the founder of e-commerce giant Alibaba Group. World soccer's governing body, FIFA, has a tie-up with Alibaba, which was founded by Ma in 1999. Car manufacturing brand Alibaba E-Auto is the title sponsor of the Club World Cup through 2022.

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