Chinese insurer Ping An has announced that it has extended its sponsorship of the Chinese Super League (CSL) in a five year deal worth RMB1 billion.
The deal with the Chinese Football Association (CFA) will see Ping An remain as the title sponsor of the football league, which it has supported since 2014.
Ping An has a history of football sponsorship in its home country, having inked deals to support Team China and youth football development alongside its deal with the premier Chinese competition.
“We believe social responsibility is crucial to the development of a company, and vice-versa,” Ping An chairman Sun Jianyi said of the deal, according to Reuters.
“On the eve of Ping An’s 29th anniversary, together with the CFA, we are extending our partnership to another five years at the price of RMB1 billion, in order to realise our social responsibility and continue our commitment to Chinese football and Chinese sport. I believe today is a historic day.”
Interest in football in China has increased over the past several years following a slew of high profile signings from Europe and South America.
CFA general secretary Zhang Jian, said that Ping An’s support has been important to the development of football in the country and the increase in popularity will benefit both the league and the giant insurer.
“Right now the CSL is on the rise, so are TV ratings and the competition level. All of these have provided an increase in the CSL’s brand value, and it is a great payoff for the CSL’s partners,” Jian said.