Sources told Reuters that the deal was cancelled after LeSports, a subsidiary of Chinese technology giant LeEco, missed a deadline to pay a portion of its $100 million (£81 million/€94 million) contract by last week.

The contract, which was signed in October 2015, provided LeSports with exclusive broadcast rights in China to matches played under the AFC banner.

These included those in the AFC Champions League, the continent's showpiece club tournament, as well as Asia's final round of qualifying for the 2018 World Cup and the Asian Cup from this year until 2020.

The deal between LeSports and the AFC was negotiated by Lagardère Sport and Entertainment, an agency that has exclusive rights to sell the continental governing body’s media and marketing properties.

Sources told Bloomberg that LeSports, which also holds the China rights for the 2018 World Cup finals in Russia, was given a final deadline of mid-February to make a payment that was due at the beginning of January.

After missing the deadline, the company was informed that its contract was terminated and legal action would be taken in a bid to secure the funds.

In December, LeSports, made a last-minute payment to guarantee it was able to fulfill its commitments to broadcast the English Premier League.

LeEco announced last month it had received new investment worth 15.04 billion yuan (£1.76 billion/$2.19 billion/€2.06 billion) from Sunac China Holdings, one of the leading residential property developers in China.

But there was confirmation of staff cuts at LeSports in December after LeEco chief executive Jia Yueting said in a letter to staff a month prior that the company was experiencing cash shortages.

A FIFA report revealed last month that China has become the fifth-highest spending association regarding player transfers.

The FIFA Transfer Matching System (TMS) released their annual global transfer market report, which examines the data and trends relating to international transfers among the six Confederations of FIFA.

China leapfrogged France, Portugal and Russia to become the fifth-highest spending association, following the vast transfer fees paid by Chinese Super League (CSL) clubs.

The country’s football clubs have sought to sign talent from European clubs over the past 12 months, with Shanghai SIPG’s $60 million (£48 million/€57 million) signing of Brazilian striker Hulk standing out as one of the largest fees paid.

China’s recent splurge continued last month, with their spending set to count towards next year’s rankings.

In February 2016, Le Sports signed a strategic partnership agreement with events broadcast firm China Sports Media, giving the sports arm of LeEco exclusive global broadcast rights to the CSL for the following five seasons.

The deal was worth £292 million ($363 million/€343 million).

It has been estimated that China’s sports market will be worth $790 billion (£635 billion/€745 billion) in 2025.