Real Madrid in deal with China's biggest financiers

11th November 2005, Comments 0 comments

11 November 2005, MADRID — Real Madrid, the world's richest football team, has turned its attentions to China, signing a deal with the country's top financial group.

11 November 2005

MADRID — Real Madrid, the world's richest football team, has turned its attentions to China, signing a deal with the country's top financial group.

Los merenges  have signed the deal with Citic Group under which the Spanish soccer club will provide sports, technological, trade, strategic and management support to the Chinese capital's Beijing Guoan team and Chinese soccer in general.

In turn, the Citic Group will promote the Real Madrid brand in China, the Spanish club said on its Web page.

The agreement signed by Real Madrid president Florentino Perez and Citic Group chairman Li Shilin, "does not entail any type of Real Madrid purchase or stake in the capital city's team," the Web page said.

Real Madrid was responding to news in the Chinese press that it had acquired 25 percent of Beijing Guoan's stock.

It comes after their sworn rivals, FC Barcelona, agreed a controversial deal to promote the Beijing Olympics.

In 1992, the Citic Group formed the Beijing Guoan club, currently one of the nation's top soccer teams.

The company spent EUR 10 million (USD 11.75 million) building Guoan Xianghe soccer training field, used by a dozen Chinese and foreign teams for training and games.

Last summer, Real Madrid played a few exhibition games in China, including one against Beijing Guoan.

The tour by the world-renowned Spanish club spurred the already burgeoning interest in soccer in China.

[Copyright EFE with Expatica]

Subject: Spanish news

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