The Chinese premier league soccer club Qingdao Beilaite has been sold for a total of 14 million yuan(about 1.8 million U.S. dollars), reports said on Wednesday.

Qingdao Yizhong, a tobacco company who owns the club, seld the first team, reserve team and two youth teams to a private cable company, whose name was not immediately revealed.

The Qingdao club finished second from bottom in the inaugural season of Chinese Premier League. It managed to stay in the top flight since no teams were relegated under the Chinese Football Association rules.

Source: Xinhua