In an attempt to diversify his business empire further, Chinese billionaire Wang Jianlin is purchasing a 20 percent stake in Spanish football club Atletico Madrid for 45 million Euros.
Jianlin heads China's biggest property company Dalian Wanda, which has been buying up big foreign brands amid a weak domestic real estate market and this also includes US cinema chain AMC and luxury British yachtmaker Sunseeker.
Dalian Wanda would be the first Chinese company to invest in a top European football club, the BBC reported.
Jianlin said in a statement that this investment would not only provide a golden opportunity for young Chinese players sent overseas by Wanda to be selected by leading European football clubs, it would also strengthen the quality of Chinese football and narrow the gap between the rest of the world.
Last season, Atletico won Spain's top football competition La Liga and reached the final of the UEFA Champions League.
However, the club has struggled financially in recent years, accruing more than 500 million Euros in debts, and the purchase by Jianlin, who is one of China's richest men, could help to bring in new fans from the lucrative Asian markets and Chinese sponsors, the report added.
