English football legends Michael Owen, and Mark Wright are set to launch their Red Sports enterprise which intents to help Chinese football's development.

The Liverpool-based company of Owen and Wright will be assisting the provinces in China with the training of sports coaches, the establishment of football academies, and the formation of football schools. The monetary funding of the said undertaking will come from venture partners in the country and commercial partners under licensing agreements.

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Owen, an English Football Hall of Famer, played for Real Madrid, Manchester United, and Liverpool FC and he scored 40 goals while playing for England in his 89 appearances. Wright, on the other hand, was a one-time captain of the Liverpool with 45 England caps under his name.

39-year-old Owen said their sports company could improve football in China, China Daily reported.

"To improve the future of the national team you have to start at grassroots level. Our program will provide children in China with the opportunity of learning about football and the benefits of a healthy lifestyle and improved fitness." The 2001 Ballon d'Or recipient said.

"This is a strategic plan that will provide an ongoing stream of talented youngsters from which the clubs and the China national team will undoubtedly benefit." Owen added.

President Xi Jinping has a vision for the transformation of football in China, the Asian football big-spender aims to become a "world football superpower" by the year 2050 and is seeking to develop a national squad capable of winning the World Cup.

China's government is currently working toward to transform the country's sports sector into a 5 trillion-yuan ($752 billion) business by the year 2025, People reported.

TagsMichael Owen, Mark Wright, Red Sports, Liverpool FC, Chinese football