Taiwan basketball team Kaohsiung Steelers could be expelled from league amid investigation into funding from Hong Kong owner
- Steelers have no plans to cease operations or withdraw from P. League+ despite allegations surrounding team’s investment
- ‘We have proved on multiple occasions that our investments are legitimate,’ owner Tony Chin To says
The Kaohsiung 17LIVE Steelers have no plans to cease operations or to withdraw from Taiwan’s top basketball league despite allegations surrounding the team’s investment from Hong Kong.
Chinese funds are strictly prohibited from being invested in Taiwan sport businesses, according to the ECFA (Cross-Strait Economic Cooperation Framework Agreement), which was signed in 2010 by both parties.
But despite having their investments cleared by officials in July, the Steelers still face questions regarding their funding structure.
The Kaohsiung outfit also faces being pushed out amid a potential merger between the P. League+ and T1, another Taiwanese professional league, which could happen as early as next year.
“Taiwan’s current law allows foreign investment in the sports industry,” Tony Chin To, the team’s owner and the founder of Hong Kong-based hedge fund manager Infini Capital, said.
“We’ve proved on multiple occasions that our investments are legit and were approved by the investment commission of the Ministry of Economic Affairs.