Soccer Investment Binge in 'Bubble' Mode, says People's Daily

Bernardo Silva (right) of Association Sportive de Monaco Football Club fights for control of the ball with Lucas Tousart of Olympique Lyonnais during a Ligue 1 game Sunday in Monaco. A news ceremony on Dec. 13 formalized Chinese investment fund IDG Capital Partners' taking a 20 percent stake in Olympique Lyonnais for 100 million euros ($104.5 million). Photo: IC

(Beijing) — A recent Chinese investment frenzy in domestic and international soccer teams has all the markings of a bubble, the official People's Daily said, a year after President Xi Jinping called for more efforts to support the game at home.

Despite its high popularity among sports fans in China, soccer has failed to develop in the country due to lack of a culture to support the sport at a grass-roots level. The Chinese national team seldom qualifies for the World Cup tournament held every four years, and the Chinese Super League is frequently marred by allegations of corruption and mediocre play.

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