The English football boom shows no sign of going bust as China signs astronomical deal for Premier League rights.

The Premier League’s capacity to print money shows no signs of abating with the announcement that the world’s richest football league has signed a three-year deal with Chinese digital broadcaster, PPTV, worth $700m (£564m).

The contract, for three years from 2019-20, is reported to be worth almost 12 times the existing deal of around $60m over three years with Super Sport Media Group.

PPTV is part of the Suning media group which earlier this year bought a majority stake in Italian outfit Internazionale as part of an ongoing investment in sport by China aimed largely at football.

What with this contract and the $500m deal negotiated with NBC the Premier League has already guaranteed $1.2bn in income for its next rights period from 2019-20 to 2021-22.

Under its existing deals, the Premier League already brings in an estimated £8.3bn over three seasons, including £5.5bn in domestic contracts.

News of the deal will provide a boost to Premier League clubs amid concern over a dip this season in viewing figures for Premier League matches this season. Early viewing figures show for the 2016-17 campaign that the audience for live matches on UK TV has declined by almost 20% compared to last season.

PPTV, a video-streaming website, paid $270m last year for the exclusive media rights to the Spanish soccer league La Liga.