Wanda set to take over hometown Dalian soccer team after selling stake in Spain’s Atletico Madrid
Press reports suggest property giant poised to become new owner of Dalian Yifang FC
Dalian Wanda Group, the property development giant and investor, could be set to take over its hometown super league soccer club, a week after it disposed of 17 per cent of its 20 per cent stake in Spanish soccer club Atletico Madrid – its latest high-profile gesture to highlight a shift in its investment focus back to China, from overseas.
Wanda is to become the new owner of Dalian Yifang FC, a club based in the city of Dalian in north China’s Liaoning province, where Wanda’s billionaire founder and chairman Wang Jianlin first started his business, Chinese media including thepaper.cn reported on Thursday morning.
A spokesperson from Dalian Wanda offered no further information on the possible purchase.
Yifang FC is owned by property development firm Dalian Yifang Group. The team was promoted to the top-tier Chinese Super League for the 2012 season after consecutively winning league titles in the second- and third-tier professional leagues. It was relegated after the 2014 season, before bouncing straight back to the big time for this year.
As well as other investments, Yifang Group has been heavily buying into property and cinema projects, developed by Wanda.
