PRAGUE -- The Chinese company Sinobo has become the new majority owner of the Czech first football league club Slavia Praha, said the club at a press conference on Monday.

The club's stadium in the Eden neighbourhood will also bear the name of Sinobo.

The chairman of the Sinobo board, Zhou Jinhui, is also the majority shareholder of the Chinese Super League giants Beijing Guoan FC. According to chairman of Slavia's board, Jaroslav Tvrdik, when Sinobo representatives visited Slavia in April, they expressed interest in entering Slavia's ownership structure as soon as possible.

Sinobo was founded in 2005 in Beijing, focusing on the developing, investing and managing high-end real estate properties. It is also devoted to finance and invest in culture and sports.

Zhou believes that Sinobo's entry as a majority shareholder in Slavia will benefit both sides and that it will deepen friendship and understanding between Beijing and Prague.