MUMBAI: Real Madrid, soccer's richest club by sales, has sold its television rights to its games through 2013 to production company Grupo Mediapro for $1.4 billion, in what it called a record deal for a sports team.

Media reports state that Mediapro, which already owns the rights to matches of European and Spanish champions Barcelona, beat off competition from local broadcaster Telemadrid and cable operator Sogecable.

Sogecable currently owns the rights to Real Madrid's matches
The agreement is the most expensive TV rights deal in club soccer, Real Madrid said in a statement. Mediapro was the highest bidder, the club said.

Mediapro is a major shareholder in the new free-to-air Spanish channel La Sexta, which was launched this year. Mediapro recently agreed to share local TV rights with broadcaster Sogecable SA.

Mediapro's deal with Real Madrid ends several weeks of uncertainty for Mediapro and Sogecable, after Spanish media reported that state-owned TV network Telemadrid was also attempting to obtain the rights.