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Wang Jianlin's firm has already bought a stake in Spanish football club Atletico Madrid and invested in the Swiss sports marketing group Infront. Photo: SCMP Pictures

China's richest man buys Ironman triathlon group for US$650 million as nation steps up its interest in fitness

Tycoon buys World Triathlon Corporation and vows to introduce the ultra-long-distance event to the increasingly affluent Chinese masses

Celine Sun

Mainland property and entertainment tycoon Wang Jianlin has taken a further step to build a global sports empire by acquiring World Triathlon Corporation, the American owner of Ironman races.

Yet some analysts question how the investment will fit with the company's other acquisitions.

Dalian Wanda Group said yesterday it had agreed to buy WTC for US$650 million, its latest sports investment after its acquisitions of Swiss marketing giant Infront and Spanish football club Atletico Madrid over the past year.

"At present, almost all the top sports events in the world are controlled by European and American companies. Acquisitions are the only way for most companies to scale up efficiently," said Wang, chairman of Dalian Wanda. "By acquiring World Triathlon Corporation, we will be able to have a world-class sports brand of our own."

READ MORE: Wanda Group chairman Wang Jianlin plans to buy more sports assets

Based in Tampa, Florida, WTC is the world's largest operator of ironman-distance triathlon events and the owner of the Ironman brand. It holds more than 130 races attracting over 230,000 competitors every year.

Yet Ironman is a niche sport with few participants in China. A full ironman-distance race consists of a 3.86km swim, a 180km cycle, and a 42km run.

"Our next task is to introduce Ironman triathlon to more Chinese people," said Wang, 61.

"Chinese people's lifestyle is changing as they are getting rich. Running, for example, has become very popular among Chinese people in recent years. This has provided a good foundation for the development of sports like triathlon in the country."

Yan Qiang, a Beijing-based sports industry observer, said there was little obvious connection between WTC and other sport assets held by Wanda, though the deal might help boost Wanda's global profile.

"The deal came as quite a surprise," Yan said. "We could see a rather clear strategy when Wanda purchased Atletico Madrid and Infront. Yet the sport of triathlon seems to be a totally different area.

"Unlike sports like football, triathlon is very new to China. It may take years for Wanda to warm up the market and attract fans in the country."

Wanda Group, the biggest commercial property developer in China, has been expanding aggressively into film, tourism and sport as it attempts to cash in on the rising appetite of Chinese consumers for entertainment and leisure.

It acquired a 20 per cent stake in Atletico Madrid for €45million (HK$400million) and the whole of Infront Sports & Media for €1.05billion.

Infront holds broadcasting rights for the 2018 and 2022 World Cup tournaments and represents all seven Olympic winter sport federations.

Wang has vowed to continue to invest in sport. He said there would be "one more deal to announce within this year".

This article appeared in the South China Morning Post print edition as: Wanda bolsters sports empire with Ironman
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