Wanda seals World Triathlon deal
Print Edition
DALIAN Wanda Group Co, controlled by China’s richest man Wang Jianlin, has agreed to buy World Triathlon Corp, organizer of Ironman triathlons, for US$650 million as the Chinese conglomerate continues to expand its sports business.
The deal, a milestone in China’s sports industry development, sees the Chinese property and entertainment conglomerate become the owner of the world’s largest sports operating company, according to a statement posted on Wanda’s official website yesterday.
“The acquisition of World Triathlon will allow Wanda to expand its sports business at a faster pace, help Wanda secure core resources in the global sports industry and build a complete sports industry chain while increasing its influence in the global sports business,” the statement said.
The management team at Tampa, Florida-based World Triathlon will stay with the company after the acquisition, the statement said, adding that the team has signed a long-term contract.
The purchase came six months after Wanda’s acquisition of Infront Sports & Media AG for 1.05 billion euros (US$1.2 billion). The Swiss sports marketing group holds some broadcasting rights to the World Cup. One month before the Swiss deal, the Chinese company acquired 20 percent of Spanish soccer team Atletico Madrid.
Wang, chairman of Dalian Wanda Group, has overtaken Hong Kong’s Li Ka-shing to become the richest Chinese in the world, according to the new Hurun Rich List that was released last week.
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