Wanda sells Atletico Madrid stake to Israeli company

MADRID — Atletico Madrid says Chinese conglomerate Dalian Wanda Group has sold its stake in the Spanish club to an Israeli-owned company.

Idan Ofer's Quantum Pacific is raising its stake to 32 percent after acquiring the 17 percent of Atletico that Wanda has owned since 2015.

The share sale will not impact on the naming rights of Atletico's recently inaugurated stadium, which is called Wanda Metropolitano.

Atletico said Wednesday that Wanda's decision to divest itself of shares in the team was part of a "global strategy," adding that "mutual collaboration" will continue with Wanda, with "new initiatives" in the coming months.

Atletico says Wanda will remain a sponsor and help to develop the club brand in China.

Quantum Pacific acquired a 15 percent stake in Atletico last year for 50 million euros (then $59 million). Its purchase of Wanda's 17 percent stake needs to be authorized by the Spanish Superior Council of Sports.

Atletico CEO Miguel Angel Gil and president Enrique Cerezo will remain the majority shareholders of the team, which is the third force in Spanish soccer behind Barcelona and Real Madrid.

Atletico has been steadily gaining strength, becoming a regular title contender in Spain and in Europe, enabling it to attract lucrative sponsorships and increase television rights earnings.

___

More AP Spanish soccer coverage: https://apnews.com/tag/LaLiga

You may also like these

Dual international Brad Thorn to coach Reds in...

Oct 5, 2017

Brad Thorn replaces Nick Styles as Queensland Reds Super Rugby coach

After getting Australia to Russia, coach's future...

Nov 15, 2017

Ange Postecoglou ensured Australia qualified for the World Cup, yet the coach is not quite sure if...

New coach thinks Australia can survive World Cup...

Feb 1, 2018

New coach Bert van Marwijk is confident Australia can qualify from its World Cup group stage and...

World Cup games to air on free TV amid problems...

Jun 20, 2018

World Cup matches will remain on free-to-air television in Australia until the end of the group...

Ireland coach Schmidt in no rush to decide on...

Jun 22, 2018

Joe Schmidt says he will likely wait until the end of the year before deciding whether to stay on...

Sign up now!