Dalian Wanda Group to Sell 17% stake in Spanish Football Club Atletico de Madrid to Israeli Billionaire
Dalian Wanda Group has agreed to sell 17% stake in Spanish football club Atletico de Madrid to Quantum Pacific Group, owned by Israeli billionaire Idan Ofe. Quantum Pacific’s stake in the football club will rise to 32 per cent after 17% acquisition. In 2015, Dalian Wanda Group has acquired a 20% stake in the football club for $52 million. Dalian Wanda Group will continue to remain a sponsor and the stadium will continue to be called Wanda Metropolitano.
” Dalian Wanda Group to Sell 17% Stake in Spanish Football Club Atletico de Madrid to Israeli Billionaire “
Dalian Wanda Group founder and Chairman Wang Jianlin has been reducing debts in the group by selling non-core assets and stake disposals. Dalian Wanda Group was established in 1988 and in 1989, Wang Jianlin become the Chairman of Dalian Wanda Group. He is one of Asia’s richest man, with a personal fortune of around $25 billion.
Since late 2016, China has been scrutinising offshore investments. Dalian Wanda Group had purchased AMC Theatres (largest American theatre) for US$2.6 billion in 2012 and Hollywood studio Legendary Entertainment for $3.5 billion in 2016. It also has international sports businesses such as World Triathlon Corporation, the company that organises global Ironman events, which was acquired for $650 million in 2015.
Israeli billionaire Idan Ofe, is the founder of Tanker Pacific, Pacific Drilling, Quantum Pacific Group and Israel Corporation, the largest public company on the Tel Aviv Stock Exchange. Born in 1955, he has an estimated personal fortune of $3.5 billion.
About Wanda Group
Wanda Group was established in 1988 and has developed into a conglomerate of commercial management, culture, real estate and finance. It ranked 380th on the Fortune Global 500 List in 2016. In 2017, its assets amounted to 700 billion yuan with revenue of 227.3 billion yuan. Wanda Commercial holds a combined 31.51 million square meters of property spaces. It has opened 239 Wanda Plaza projects in such Chinese cities as Beijing, Shanghai, Chengdu and Kunming. Wanda Cultural Industry Group is China’s largest cultural enterprise, with a revenue of 63.78 billion yuan in 2017.
Wanda Internet Technology Group, as China’s only Industry + Internet large open platform, has Ffan Technology, 99Bill, Credit Rating Company, Online Credit Company, Big Data and other companies. It uses big data, cloud computing, artificial intelligence, scene application and other technologies to realize digital upgrades of industrial entities and provide new consumer services for consumers.
Wanda Financial Group has investment, asset management, insurance and other companies, and aims to achieve a full-licensed financial operation in the future.
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About Wang Jianlin
Born in 1954, Wang Jianlin served in the Army between 1970 and 1986, at which time he was appointed Office Director of the Xigang District Government in Dalian. He has served as Chairman of the Dalian Wanda Group since 1989.
Wang Jianlin has previously served as a deputy to the 17th National Congress of the Communist Party of China. He was also a member of the 11th Chinese People’s Political Consultative Conference Standing Committee and has also served as a vice chair of the 11th Congress of the All-China Federation of Industry and Commerce. He currently serves as vice chair of the China Charity Confederation; vice chair of the China Folk Chamber of Commerce; vice chair of the China Enterprise Confederation and the China Enterprise Directors Association; vice chair of the China General Chamber of Commerce; vice-chair of the Gl
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