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
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.