Atletico Madrid have announced that 20% of the clubs shares have been purchased by Chinese conglomerate, the Wanda Group.
The deal was announced at the Wanda Group's Beijing headquarters with Atletico CEO Gil Marin and President Enrique Cerezo in attendance. The 20% is believed to be around €45m and it has been completed through a rights issue meaning the money will go straight into the club's coffers as working capital.
The deal is a huge boost for Atletico whose commercial activities have been a long way behind those of Real Madrid and Barcelona. It is hoped this deal will help increase the clubs global popularity and revenue particularly in the lucrative Asian market.
Atleti's major shareholder and CEO, Gil Marín said the deal was “a major step for the club in its efforts to build a leading global brand that will provide the financial resources to remain competitive in Europe and provide riveting experiences for our fans”.
Wanda Group chairman, Wang Jianlin said "Wanda’s investment in Atlético Madrid is another step in our efforts to build a comprehensive entertainment portfolio for our domestic and international clients. We are delighted with the possibility of contributing to the growth of Atlético Madrid with its solid fan base and a brand that is rapidly expanding internationally. We will also rely on their great experience in the training area, which will no doubt be very useful for the growth of grassroots football in China."
Wanda is a Chinese conglomerate with interests in the real estate, hotels, tourism and entertainment industries. Atletico will not be their first involvement in football as they sponsor China's Super League and had a successful period as owners of Dalian Shide FC. Atletico will be hoping for a successful period themselves under their ownership and with off the field matters starting to match their on the field prowess the future is looking bright for Atletico Madrid.