Chinese real estate giant Wanda Group announced Wednesday that it has bought a 20 percent stake in reigning Spanish champion Atletico Madrid for 45 million euros ($52 million).
The two groups will combine to open three football schools in China, and each year Atletico will be invited to play in China to ”bring advanced training and playing experience from Europe,” according to a statement posted on Wanda’s microblog.
They will also jointly invest 30 million euros ($35 million) to create a youth center in Madrid to provide better training conditions for Chinese youth players, with Atletico to provide special training programs for Chinese youths.
Wanda already funds a youth training project that has taken young Chinese players to Spain.
Dalian Wanda Group’s founder and chairman Wang Jianlin is one of China’s richest men. The company operates dozens of hotels, shopping malls and cinemas in China, and has undertaken hotel development projects in London and New York City.