Chinese Billionaire Wang Jianlin Secures 20% Stake in Atletico Madrid

Chinese billionaire Wang Jianlin has acquired a 20% stake in Spanish Liga champions Atletico Madrid for a fee of €45m ($52m; £34m).

Jianlin is the second richest man in China and is the founder and chairman of the Dalian Wanda Group, China’s largest commercial property company.

The deal represents the first Chinese company to invest in a top European football club and will give Wanda a seat on the board of directors at Atletico.

As part of the deal the Spanish club will also be involved in the building of a new youth training centre “to provide optimum facilities for young Chinese footballers studying in Spain”.

“This investment will not only provide a golden opportunity for young Chinese players sent overseas by Wanda to be selected by leading European football clubs,” Mr Wang said in a statement.

“It will also strengthen the quality of Chinese football and narrow the gap between the rest of the world.”

Atletico Madrid enjoyed a memorable season last year, winning the Spanish league title and reaching the final of the UEFA Champions League.

Despite this success on the pitch, the club has long had financial problems off it, with debts of over €500m built up in the last few years.

The acquisition of Wang should see the club develop and grow in the Asian market and attract new sponsors.

“The Asian market is the largest and every European club is working in Asia,” Atletico’s Chief Executive Officer Miguel Angel Gil Marin told Reuters.

“The idea is to increase (our) base of supporters and increase our revenues around sponsorship agreements.”

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