Sports investment can be an expensive and a risky business, but Wang Chaoyong is determined that his biggest move so far will continue to find a winning formula.

The 49-year-old chairman and chief executive officer of ChinaEquity Group one of China's earliest independent firms devoted to venture capital and private equity investment - has made two major forays into the sector.

He spent 400 million yuan ($65.2 million) setting up his China Team to take part in the America's Cup - the world's leading sailing competition - and he has also spent heavily creating the China Grand Rally, the long-distance endurance driving event now in its second year, which is gaining an increasing international following.