Chinese businessman John Jiang Lizhang’s Hope Group has bought 80 percent of top-flight Portuguese football club Tondela, Lusa reports.

The Portuguese news agency says Hope Group also owns Spanish top-division club Granada, and has a minority stake in a US basketball franchise, the Minnesota Timberwolves.

The report does not say how much Hope Group paid for control of Tondela.

Lusa quotes outgoing Tondela President Gilberto Coimbra as saying the purchase took a year to negotiate, and that he hopes it will rescue the club from chronic financial hardship.

In a separate report, a Portuguese radio station quotes incoming Tondela President David Belenguer as saying Hope Group has a lot of experience of football management and promotion, and that he has “very ambitious expectations” of Tondela.