Beijing: A Chinese billionaire has bought 20 per cent stake in Spanish league champions Atletico Madrid for a whopping USD 52 million, in a deal that is set to ease the football club’s debt burdens.
Wang Jianlin, a real estate tycoon, closed the deal with Atletico chairman Enrique Cerezo in Beijing, Wanda Group said on Wednesday.
Wang owns more than 98 per cent of Wanda Group, with the remaining held by his only son, Wang Sicong.
According to the contract, Wang will pay USD 52 million for the stake, which is set to ease the Spanish club’s debt burdens.
Atletico’s budget for last season was 120 million euros, compared to Real Madrid’s 580 million euros and Barcelona’s 470 million euros. “Wanda Group’s capital contribution … will allow Atletico Madrid to significantly shore up its balance sheet, as well as accelerate the growth of its brand globally,” Atletico said in a statement on its website.
The deal involved opening three Atletico Madrid football schools in China, sponsorship deals and a possible tour by the club to China later this year.
Also, Wang and Atletico will combine to invest USD 34 million for a youth center in Madrid to foster Chinese soccer talent, state-run Xinhua news agency reported.
Wanda Group is also funding a youth training project which already brought 90 young Chinese players to Spain and the number is expected to reach 180 in 2017.
Wang, 60, ranked 42nd in Forbes’ richest persons list with his fortune estimated at around USD 18 billion, said his cooperation with Atletico is based on friendship with the club’s chiefs and his own dream to raise the game of young Chinese players.
“What we are doing is to raise the level of Chinese game,” said Wang.
“Hopefully, three to five among those 90 young players will play for top European clubs in the future and in five years, Spain-trained players will fill the Chinese team in the Asian Cup,” he said.
In 2011, Wang returned to Chinese soccer as a sponsor of the Super League and he started investing widely in major European cities.
Atletico has won the Spanish league, the Europa League, the Copa del Rey, the European Super Cup, the Spanish Super Cup, and reached the final of the Champions League last season.
Currently, Atletico Madrid stands on the third position in the Spanish league. (PTI)
