11 January, 2013 - 11:02

Hong Kong FA officials want to invest in Lunar New Year Cup

Hong Kong FA officials want to invest in Lunar New Year Cup

Hong Kong FA officials agreed to invest their own money to guarantee that the popular tournament Lunar New Year Cup does not lose money.

Established in 1950s, the Lunar New Year Cup is one of Hong Kong’s oldest football tournaments. The tournament has been bringing significant income to Hong Kong FA (around HK$3) until 2007, when sponsor Carlsberg withdrew its support.

After Carlsberg ended 10-year partnership Hong Kong FA organized its own tournament in 2008. However given that it is hard to attract well-known teams HKFA end up losing around HK$4 million. As a result next year the organization delegated the responsibility for organizing the tournament to the individual clubs.

Following a three-year break the HKFA has returned as an official organizer of the tournament. It has invited champions Muangthong, Chinese side United Shanghai East Asia, South Korean club Busan I Park and Hong Kong League XI.

“The three overseas teams will not be paid an appearance fee. We only have to pay for their flights and accommodation. The cost will be over HK$1 million but we are confident it can be offset by income from ticket sales and advertising. If not, the four officials have agreed to make up the difference,”

- said an unnamed source close to the HKFA officials

The four HKFA officials agreed to compensate extra expenses should the tournament not pay for itself: HKFA chairman Brian Leung Hung-tak, vice-chairmen Steven Lo Kit-sing and Pui Kwan-kay, and board director Ken Ng Kin.

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Author: Basil Naumov

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