Atletico Madrid confirmed the sale of 20 per cent of the club’s shares to Chinese construction giants Dalian Wanda Group in Beijing yesterday (Wednesday).
The two parties have been in discussions for several months and contracts have now been agreed on a deal which will see the group’s chairman, Wang Jianlin, take a place on the club’s board in exchange for an investment of 45 million euros (Dh191m).
The club’s remaining shares will continue to be controlled by current chief executive Miguel Angel Gil Marin, who owns 52 per cent of the club, and president Enrique Cerezo (20 per cent), with the other eight per cent split between Gil Marin’s family and various small shareholders. Jianlin has a long-term interest in football and was instrumental in the move to recruit former Spain international Jose Antonio Camacho for an unsuccessful stint in charge of the Chinese national team in 2011.
“We are delighted with the possibility of contributing to the growth of Atletico de Madrid with its solid fan base and a brand that is rapidly expanding internationally,” he said.
In addition to further establishing his company’s presence in Spain, Jianlin is extremely keen to lean upon Atletico’s expertise to develop the quality of youth football coaching in his country.
“This investment will provide a golden opportunity for young Chinese players sent overseas by Wanda to be selected by leading European football clubs,” he explained.
“It will also strengthen the quality of Chinese football and narrow the gap between us and the rest of the world.” Atletico, meanwhile, are keen to use the relationship as a stepping stone to a greater presence in the global market, especially Wanda’s stronghold of China.
“This is 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 excellent experiences for our fans,” said Gil Marin. “Wanda are an ideal partner because their chairman appreciates values such as endeavour and teamwork.”
Atletico have recently emerged from a number of years of heavy debt and they are also funding a brand new 67,000 capacity stadium which is due to open in 2017 at an estimated cost of ¤270 million (Dh1.15bn), although much of that should be redeemed by the sale of their current Vicente Calderon home. Cerezo added that little will change in the club’s management structure, saying: “It is a dream for us to work with one of the leading companies in the world in practically all of their lines of business.
“The investment from Wanda will be used for the day-to-day running of the club, but Wang Jianlin is not coming with the mentality of controlling the club or buying 100 per cent of Atletico. He doesn’t want to run the club.”
