Dalian Wanda Support Chinese FA with USD77m Funding
July 4, 2011
Dalian Wanda, a Chinese commercial real estate company, has agreed a US$77m financial package to support the Chinese Football Association (CFA) over the next three years.
A portion of their estimated US$21.6bn assets over the next three years into the Chinese Super League (CSL), and Dalian Wanda will assist in the management of the competition, which will be renamed the “Dalian Wanda Plaza CSL” from this season until 2013.
Money from the deal will be used to attract a world-class foreign coach to manage the Chinese national team, while up to 100 young players will be sent abroad for training and development.
CFA chairman Wei Di stated: “The progress of Chinese soccer depends on the emergence of high-level young players. China’s negligence in developing teenage soccer directly led to the slump in the sport in recent years.”
Dalian Wanda chairman Wang Jianlin said the deal would be extended if the partnership proved successful over the next three years, adding: “I hope our cooperation will reawaken people’s passion for soccer.”