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China's Wang Jianlin buys 20 pct stake of Spain's Atletico de Madrid

Xinhua, January 21, 2015 Adjust font size:

Chinese businessman Wang Jianlin is buying a 20 percent stake in Spain's football team Atletico de Madrid, the team's official website confirmed on Wednesday.

Wang, the owner of the Dalian Wanda Group, has reached an agreement with the controlling shareholders of Atletico de Madrid to buy a 20 percent stake for an estimated sum of around 45 million euros (52 million U.S. dollars).

The agreement, which was signed in a hotel in Beijing, made Wang the club's third-biggest shareholder, after Miguel Angel Marin and Enrique Cerezo who owns 52 percent and 20 percent of shares respectively.

The sale will be fully completed in March, and according to the team, the agreement "will allow Atletico de Madrid to significantly shore up its balance sheet, as well as accelerate the growth of its brand globally."

This was not the first time Wang invests in Spain. He bought the emblematic building "Edificio Espana" in Madrid for 265 million euros (306 million U.S. dollars) in 2014.

Wanda Group is a leading Chinese conglomerate that operates in the hotel industry and real estate sector in general. Its annual revenues exceed 30 billion U.S. dollars and net profits surpass 2 billion U.S. dollars. Endit