Chinese billionaire Wang Jianlin sells Atletico Madrid stake as Wanda continues to trim debt
Dalian Wanda Group had bought a 20pc stake in the Spanish soccer club for US$52m in 2015
Dalian Wanda Group has agreed to sell a 17 per cent stake in Atletico de Madrid to Quantum Pacific Group controlled by Israeli billionaire Idan Ofer, the latest move by the Chinese conglomerate to cut its debt, the Spanish soccer club said on Wednesday.
Quantum Pacific’s stake in the football club will rise to 32 per cent, but the club stopped short of disclosing the deal’s value.
In 2015, Wanda bought a 20 per cent stake in the football club for US$52 million, the first time a Chinese company had invested in a premier European football club.
Wanda too declined to give further details on the latest divestment.
The club said Wanda remains a sponsor and its stadium will continue to be called Wanda Metropolitano.
Group founder and chairman Wang Jianlin said in January that the group will further reduce debt “through all available means”, including the sale of non-core assets and stake disposals.
Wanda plans to bring down debt to “an absolutely safe level” and “avoid any credit default globally” in two to three years, according to a speech by Wang to staff members that was cited by the company’s website on January 21.