(MENAFN) Chinese Wanda Group said it is acquiring Infront, the Swiss sports marketing group which holds broadcasting right to the World Cup, for a deal valued at USD1.2 billion, Oman Observer reported.
The Chinese property and entertainment firm eyes increasing its influence in the global sports business, as the country bids for the 2022 Winter Olympics with rumors that it seeks to host the 2026 World Cup.
"Infront is best positioned to actively support China in its bidding efforts for major sports events. To qualify for a World Cup, to host a World Cup and to win a World Cup," Wanda Chairman said.
The deal puts Wang, who recently bought a 20 percent stake of Spanish football champions Atletico Madrid, and his company firmly in the front row of the global sports business.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.