Real sign agreeement with Chinese investment giant
Real Madrid have signed a collaborative agreement with the CITIC Group, China's largest financial conglomerate, to expand the club's image in Asia in return for helping to develop the Beijing Guoan club.
Real Madrid have signed a collaborative agreement with the CITIC Group, China's largest financial conglomerate, to expand the club's image in Asia in return for helping to develop the Beijing Guoan club.
Real made it clear, however, that they had not bought any type of share in the Chinese soccer team.
"Real and the CITIC Group, via its subsidiary CITIC Guoan, have reached an agreement whereby Real Madrid will lend its sporting, technological, commercial and strategic knowledge in order to help develop Beijing Guoan and football in China," Real said in a statement on Thursday.
"In return the CITIC Group will support the development of the Real Madrid brand in China."
"The agreement between Real Madrid and the CITIC Group does not include any type of purchase or the holding of shares by Real Madrid in the Chinese club."
CITIC Group was founded by former Chinese Vice President Rong Yiren in 1979. It now commands a sprawling empire, which includes interests in industrial investment, media, information technology, tourism and real estate.
Real have made several moves to boost their profile in the lucrative Asian market in recent months.
They played Beijing Guoan on a promotional tour of the Far East prior to this season, the third time they have toured the region in as many years.
This week they also signed a new shirt sponsorship deal with Taiwanese mobile phone company BenQ reported to be worth about 100 million euros over the next five years.