(Yicai Global) Nov. 12 -- The only son of Wanda Group founder Wang Jianlin, one of China's richest men, is among three LeSport investors that have filed a CNY240 million (USD34.5 million) arbitration case against the original shareholders of the parent firm set up by controversial businessman Jia Yueting.

Prometheus Capital, owned by Wang Sicong, Jiayu Properties and Tianhong Asset Management have filed the case in Beijing against Leshi Internet Information & Technology, Lele Hudong and Pengyi Asset Management related to repurchase of stocks along with other expenditures, Beijing-based Leshi said in a statement.

LeSport had raised CNY7.8 billion (USD1.1 billion) through debt-to-equity swaps and cash from over 40 investors in April 2016. The two sides had agreed on the share repurchase liabilities for the original three shareholders.

LeSport lent over CNY4 billion (USD575.1 million) to parent firm Leshi Holding without the consent of boards of directors and shareholders in December 2016, which affected the company's operation.

Since restructuring Leshi Holding still owes CNY2.5 billion (USD359.4 million) worth of principal and interest to LeSport, which has received multiple lawsuits and has been blacklisted due to its broken capital chain and inability to return to normal operations.

LeSport is required to complete listing preparations and receive approvals from the investors before the end of next month, according to the report. If not, then the original shareholders must rebuy all of the investors' shares at a set price in cash.

LeSport's original shareholders, Leshi Internet, Lele Hudong and Beijing Pengyi, will probably face a CNY11 billion (USD1.6 billion) repurchase since listing seems unlikely with only two months left this year and due to the number of lawsuits it faces.

Lele Hudong was the first shareholder in LeSport, which was formed in March 2014. Lele Hudong, owned by Jia Yueting, holds 30.7 percent of LeSport shares, while Leshi Internet holds 6.5 percent, and Pengyi, owned by LeSport's senior managers Lei Zhengjian and Liu Jianhong, holds 12.9 percent. Since the restructuring, Leshi Internet aims to cancel the debt since Jia has been abroad for several years. 

At one time, Wang's Prometheus Capital held as much as 11 percent of LeSports' shares and holds 4 percent at present.