SportBusiness.com

REAL SIGNS WITH CHINESE INVESTMENT GIANT

Real Madrid has signed an agreement with Chinese state company Citic Investment Corp. to become involved in the development of soccer team Beijing Guoan.

The Spanish club made it clear, however, that they had not bought any type of share in the Chinese team, which is owned by Citic's subsidiary Citic Guoan.

"Real Madrid will give sporting, technological, commercial, strategic and management support for the development of the club from the Chinese capital, Beijing Guoan, and of Chinese soccer," the club said today (Thursday) on its website.

In return Citic will support Madrid's marketing operations in China.

Madrid, which announced in October that it raised $137.5million through marketing over the past financial year, has targeted China in recent years.