Wanda to invest in more sports clubs
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The founder of Chinese retail, property and entertainment powerhouse Wanda Group says he plans to invest in more globally recognised sports clubs.
Wang Jianlin, chairman of Wanda Group, ranked China’s richest man by Bloomberg with assets of $42.1 billion, bought 20 per cent of Spanish football club Atletico Madrid in April for euro 45 million. He also bought Swiss sports marketing group Infront for euro 1.05 billion.
This week he said he will buy into “at least three more” sports clubs this year.
Chinese press agency Xinhua reported Wang Jianlin saying: “Within this year, Wanda will still buy at least three sports companies. Upon the completion of these mergers and acquisitions, Wanda is going to be the world number one in the sports industry.”
It’s all part of a strategy to boost Wanda Group’s influence in the global sports business, which would also benefit its retail networks through brand associations.
Beijing-headquartered Wanda Group owns retail, entertainment and hotel businesses, including the AMC cinema business. He is expanding into theme parks and film production and has a commercial property arm, Dalian Wanda Commercial Properties, which owns shopping malls.
Questions & Answers
Q.Which Spanish football club has Wanda Group already invested in?
Which Spanish football club has Wanda Group already invested in?
Wanda Group bought 20% of Spanish football club Atletico Madrid in April. This investment cost the group euro 45 million. The founder plans further investments in globally recognised sports clubs this year.
Q.What is Wanda Group's stated goal for its sports industry investments?
What is Wanda Group's stated goal for its sports industry investments?
Wanda Group aims to become the world's number one in the sports industry upon completion of its planned mergers and acquisitions. This strategy is intended to boost Wanda Group’s influence in the global sports business sector.
Q.Besides sports clubs, what other type of sports company has Wanda Group acquired?
Besides sports clubs, what other type of sports company has Wanda Group acquired?
Wanda Group has acquired Swiss sports marketing group Infront. This purchase cost the company euro 1.05 billion. The group plans to buy at least three more sports companies this year.
Q.How will these sports investments benefit Wanda Group's other businesses?
How will these sports investments benefit Wanda Group's other businesses?
The strategy aims to boost Wanda Group’s influence in the global sports business. This is also intended to benefit its retail networks through various brand associations, connecting its diverse holdings.
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