Elion Resources Group has been named the new title sponsor of Tianjin Teda FC for a three-year term, according to an official announcement posted yesterday by the club.

Under the terms of the deal, the club will be renamed Tianjin Teda Elion FC in time for the new season’s Chinese Super League and FA Cup. Though no financial terms have been disclosed as of yet, it is said that the annual sponsorship fee amounts to RMB 50 million, which is a historic high for the club. 

Earlier, Teda announced an end to its partnership with the Quanjian Goup, a Tianjin-based nutrition company. The new deal signals the end of the former sponsorship deal.

Elion is a resources group that focuses on the desert economy, clean energy, natural pharmacy, new materials and cultural tourism. The Holding Company "Elion Energy" was listed on the Shanghai Stock Exchange in July 2000, and achieved a revenue of RMB 30 billion in 2012.

Source: Sohu

Proofread by John Devlin.