English premier league has sealed a record-breaking streaming deal in China, people familiar with the matter said. The deal has been touted as the biggest overseas deal by England's soccer league and is expected to boost its revenue from the lucrative Chinese market.

China's online streaming service PPTV, a part of Suning retail group, has agreed to pay $700 million (£564 million) for the three-year deal, a report by the Associated Press said. The deal will become operational from 2019-2020 season, wherein PPTV will reportedly pay $233 million per season.

Like Us on Facebook

The value of this deal is 10 times more than the current contract between the premier league and Super Sports Media Group. Analysts said the latest move is clearly reflective of the exponential growth of the Chinese soccer market over the past few years.   

Premier league has so far not issued any statement on the deal. Officials from PPTV have also refused to comment.   

The multibillion-dollar deal in a way shows the ongoing renaissance in Chinese football, with China's Super League taking the center stage in the soccer world. Ahead of the current season, super league clubs set new transfer records and managed to overtake high spending English premier and Spanish La Liga Clubs.

This has brought some of the most renowned and exciting soccer stars from major European clubs to Chinese clubs. Furthermore, the ongoing golden phase was not only reflected in China's domestic league alone but also through Chinese companies on quest to own some of the most renowned football clubs.

Two of Italy's most famous clubs - AC Milan and Inter Milan - were recently bought by Chinese firms. Chinese-led consortium and billionaires have also bought stake in Manchester City and Alteltico Madrid.   

Tags English Premier League, English Premier Clubs, china, Chinese Football News, Soccer