LeSports, the sports unit of Chinese technology company LeEco, said on Monday that media reports claiming that the Asian Football Confederation (AFC) terminated a four-year contract that allowed the company to broadcast the confederation's games are "incorrect," domestic news portal sohu.com reported on Monday.
"The cooperation with the AFC involving the broadcast of the Asian Champions League and AFC competitions for the top 12 national teams is proceeding smoothly," the report quoted a statement by LeSports as saying. The company will "bring all the matches of the Asian Champions League to Chinese football fans along with China Central Television," the report said.
LeSports also noted that it has been awarded with the rights to broadcast the Chinese Super League, the report said.
On Monday morning, Reuters quoted sources close to the matter who said that LeSports' contract with the AFC, which is valued at more than $100 million, was canceled by the continental governing body last week after the company failed to "pay an installment on the deal."
LeSports signed the deal with the AFC in October 2015, gaining exclusive rights to broadcast all matches under the AFC's auspices in the Chinese mainland from 2017 to 2020.
In recent months, LeEco has been hit by a capital crunch, according to media reports. The company announced in January that it had received 15 billion yuan ($2.18 billion) from venture capital company SUNAC to support its operation.
On December 26, LeSports' English Premier League football coverage was interrupted during a broadcast because it missed a payment.
LeTV, the listed arm of LeEco, announced on Monday that its revenues in 2016 grew 67.73 percent year-on-year to 21.83 billion yuan ($3.18 billion).
