Chinese business group Wanda Group has bought 20 per cent stake of La Liga champions Atletico Madrid, confirming an emerging trend where Chinese conglomerates are beginning to pump in money in football.
The club announced on its website on Tuesday that Wanda Madrid Investment, which is part of the corporate conglomerate Dalian Wanda Group, has subscribed to 726,707 shares, representative of 20 per cent of the club's share capital, for which they have paid 44.98 million euros, at 61,90 euros per share, reports Xinhua.
"Wanda Group is delighted with the possibility of contributing to the growth of Atletico de Madrid and the development of its brand in Asia, as well as being able to rely on their extraordinary experience in the training area, which no doubt will be very useful in the growth of base football in China." said Wang Jianlin, chairman of Wanda Group.
Wanda's move was among a wave of Chinese capital pumped into top European clubs.
Also in January, China's United Vansen International Sports Corporation purchased Dutch club Alles Door Oefening Den Haag.
Early in February, Dalian Wanda acquired Swiss sports marketing company Infront Sports and Media in a deal valued at about 1.05 billion euros.
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Then came the news of a Hong Kong listed electrical components manufacturer, Tech Pro Technology Development company, in the middle of negotiation to buy French club Sochaux from the Peugeot car company.
"I believe those investments in sports industry and European football clubs are related to the deepening reform of football and sports in China," said Lu Hao, chairman of D and F Capital Management Co. Ltd.
China's central reform group, captained by Chinese President Xi Jinping, has approved a plan to revive the "beautiful game" in the world's most populous country.
"We must develop and revitalise football to ensure we are a strong nation of sports," Jinping earlier said.
In China's football reform and development plan, Chinese clubs and companies are urged to send young players abroad training with top clubs. Wanda, as part of their development plan, have picked ninety young players aged between 11 and 13 and are providing them training in Spain.
Wanda, founded in 1988 and known for its real estate success, had owned China's top professional football team Dalian Wanda but sold the club in 2000 over disillusionment with a league rife with corruption and scandals.