China's Guangzhou Evergrande Taobao were proclaimed the holders of an unlikely title by the official news agency Xinhua Wednesday: the world's most valuable football club.
A transaction in the club's shares on the National Equities Exchange and Quotations, the obscure over-the-counter Chinese market, gave it a market capitalization of $3.35 billion.
"Guangzhou Evergrande tops world clubs in market value," it trumpeted, as money pours into the Chinese game with President Xi pushing to turn the country - ranked a lowly 96th by FIFA - into a footballing power.
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