Wanda to regain ownership of Dalian soccer team

Updated 2018-02-23 11:26:03

Dalian Wanda Group is poised to take ownership of Dalian Yifang Football Club in the Chinese Football Association Super League, marking the company's first investment in domestic soccer teams after 18 years, according to media reports on Thursday.

Wanda would acquire the soccer team from Yifang Group, which has been the owner since 2015, a report on news website finance.sina.com said, adding that a senior management team member has confirmed the deal with the website.

The report did not give further details, such as including the value of the deal or the completion date.

However, the senior management team member said that the ownership transfer could not be completed this year due to "technical" reasons, according to the report. For the 2018 season, Wanda will participate as a sponsor of the team, the person said.

A public relations representative for Wanda told the Global Times on Thursday that she was not aware of the reported deal.

Wanda owned the team, which plays in Wanda's home city of Dalian, Northeast China's Liaoning Province, for more than five years. The team won the league championship for four years before being sold to Dalian Shide Group in 2000. According to media reports, Wanda sold the team because its boss Wang Jianlin was angered about controversial penalties against his team in a game in 1998.

In recent years, Wanda has focused on acquiring overseas sports teams and companies, including a 20 percent stake in Atletico Madrid in the Spanish La Liga and Swiss sports marketing firm Infront Sports & Media AG.

But Wanda and other Chinese companies' overseas investments in the real estate, entertainment, sports and other sectors were targeted in a capital crackdown by Chinese authorities last year. Wanda has also been under serious pressure due to its mounting debt and has been selling off properties to meet debt repayments. At an event on Thursday, Wang did not mention the potential deal in a speech but said that Wanda has turned a tough year around.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58May 22 2018 06:35:13

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16May 22 2018 06:35:13

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18May 22 2018 06:35:13

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords