RIGHT BG
Wanda Group announced Wednesday that it has acquired a 20 percent stake in Spanish soccer club Atlético de Madrid (ATM) for 45 million euros ($52.2 billion).
The deal marks the first Chinese investment in a top European soccer club. ATM stands to win more support from Chinese soccer fans as well as lucrative sponsorship deals with Chinese companies.
Wang Jianlin, chairman of Wanda Group, is said to be an avid soccer fan. His company's investment is not only meant to support his own business interests, but spread his love for the sport among up-and-coming Chinese players.
Wang obviously believes that ATM's strong reputation as a winning team will resonate in his home market.
Wanda's stake in the club will also help accelerate its transformation from a traditional property developer into a diversified entertainment conglomerate.
Wanda's peers could learn from its example, particularly now that China's real estate market continues to suffer. Now is the time to look for new opportunities overseas.
Wanda strikes soccer deal in Europe
2015-01-22China‘s Wanda buys 20% stake in Atletico Madrid for $52 million
2015-01-21Wanda eyes expansion as revenue surges
2015-01-19Wanda seeks to raise $203m in scaled-back IPO
2015-01-13Wanda to close, restructure department stores
2015-01-08Wanda raises $161m for e-commerce joint venture
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