On August 20, Beijing municipality and the China International Trust and Investment Corporation (CITIC) consortium signed the Agreement on Further Strengthening the Operation, Maintenance and Management of the National Stadium to carry out a shareholding reform of the National Stadium. According to the agreement, 58% of the finance for the project will be funded by the Beijing municipal government (entrusted to the Beijing State-owned Assets Management Co Ltd), and the remaining 42% is raised by the China International Trust and Investment Corporation (CITIC) consortium. The licensed 30-year operation right by CITIC consortium was transferred to the ownership and operation right by National Stadium Co., Ltd. The National Stadium Co., Ltd is responsible for the operation and management of the National Stadium and enjoys full operation and revenue rights. Meanwhile, an operation and maintenance coordinating team will be formed. Led by Beijing municipality, the new operation system is society and public welfare oriented and will be under the operation of National Stadium Co., Ltd, with supports from relevant departments in Beijing and governments nationwide.