China's Beijing Guoan Surpasses AC Milan in Monetary Value

Chinese soccer team Beijing Guoan is now worth over $800 million after a recent investment, higher than seven-time European champion AC Milan and European Champions League runner-up Atletico Madrid.

AC Milan is valued at 740 million euros ($795 million) while Atletico Madrid is valued between 565 million euros and 618 million euros.

The said investment in Guoan will come from Beijing-based property developer Sinobo Land Co., who will purchase a 64 percent stake in the club from Chinese conglomerate Citic Ltd, who will keep the 36 percent share.

As a result of the purchase, it was decided that the club would be renamed Beijing Sinobo Guoan.

The deal came after the Chinese government criticized excessive spending on soccer.

Last year, a separate group of Chinese investors also made a bid to acquire 99 percent of AC Milan for $790 million.

Despite not having won a league championship since 2009, Guoan remains among the best-supported teams in the CSL. Last season it averaged close to 40,000 fans who further expressed their support by wearing green and yellow at Beijing Workers' Stadium, its home field.

However, it is not the even the most expensive in the China Super League. That distinction belongs to Evergrande Taobao, CSL champions for six straight years, which is valued at $2.9 billion, based on the China's last stock trading price.

Many teams have been pouring money on the sport by tapping foreign talent. Beijing Guoan has acquired the services of center-forward Burak Yilmaz of Turkey, central midfielder Renato Augusto of Brazil, center-forward Kléber also of Brazil, attacking midfielder Pablo Batalla of Argentina, center-forward Peter Utaka of Nigeria, and center-forward Dejan Damjanovic of Montenegro.

The team recently offered Belgian striker Christian Benteke £40 million plus to join them.

Chinese Investors are also targeting stakes in European football clubs and making expensive bids in sponsorship and broadcasting rights in the CSL.