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China's Wanda Group Buys 20% Stake in Atletico Madrid for $52m
Dalian Wanda Group is owned by one of China's richest men and operates dozens of hotels, shopping malls and cinemas.
A team shot of Atletico Madrid.© AFP
Beijing:
Chinese real estate company Wanda Group says it is paying 45 million euros ($52 million) for a 20 percent stake in reigning Spanish champion Atletico Madrid.
The company said in a statement on its microblog on Wednesday that it will join with Atletico to open three football schools in China, and each year the Spanish club will play in China.
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The two 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.
Dalian Wanda Group is owned by one of China's richest men and operates dozens of hotels, shopping malls and cinemas.
Topics mentioned in this article
Atletico Madrid
Football
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