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Wanda Sports to establish global base in Guangzhou
As part of a plan to attract more international sporting events to China, real estate and entertainment giant Dalian Wanda Group has announced that it has established a global sports headquarters in the southern Chinese city of Guangzhou.
Dalian Wanda’s newly-established sports subsidiary, Wanda Sports, was created through the merger of Infront Sports & Media and the World Triathlon Corporation (WTC) into one sports unit. The two companies were acquired by Wanda during 2015 and the combined business has been set up with registered capital of one billion yuan (US$151.1 million).
Explaining the move, Dalian Wanda Group Chairman Wang Jianlin (pictured below) stated “we plan to keep merging and adding new content to our sports branch. Wanda Sports aims to become the world's most profitable sports company and the first sports company with an annual income of more than $10 billion.”
The company said that it had signed a deal with the local government for the new Wanda Sports building in Huadu, a suburban district of Guangzhou, according to the China Daily.
Wang, acknowledged as one of China's richestment, added “we are here because of the city's geographic advantages and rich sports heritage.
“We will achieve rapid growth by virtue of the good investment climate in Guangzhou and we are planning to bring two major international sports events to Guangzhou in the next three years, making Guangzhou the ‘sports centre’ of China.”
26th November 2015 - DALIAN WANDA UNVEILS WANDA SPORTS GROUP
12th November 2015 - WANDA GROUP PLAN NEW GOLD COAST THEME PARK
11th September 2015 - DALIAN WANDA BUYS IRONMAN TRIATHLON GROUP FOR US$650 MILLION
13th February 2015 - CHINA’S WANDA BUYS INFRONT SPORTS & MEDIA FOR US$1.2 BILLION
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