Wang Jianlin has been once again hailed as China's richest man. (Photo : Reuters)
In a bid to expand his company's portfolio, Chinese tycoon Wang Jianlin is set to buy sports marketing company Infront Sports & Media, according to reports in Italy.
Based in Zug, Switzerland, Infront Sports & Media is known for handling media and marketing rights of numerous international sports events and federations. The company is currently under the direction of Philippe Blatter, the nephew of FIFA president Joseph Blatter.
While few details have been made public regarding the deal, it is said that Bridgepoint, Infront's private equity owner, is leading the deal with Dalian. Rumors have circulated that the sale would amount to an estimated £1 billion.
Bridgepoint, Dalian and Infront have all declined to comment on the matter.
Wang is a known football fanatic and has recently acquired a 20-percent stake in the Spanish football team Atletico Madrid. The move is the first time a Chinese firm has put money in a top European club.
The billionaire's love for the sport goes back a long time. In 1994, he bought a local Chinese club and has since invested in it, giving it the Dalian company name and upgrading the team to be one of the Chinese Super League's top contenders.
In 2014, it was rumored that Wang has expressed interest to buy a share of the English Premier League team Southampton FC. However, that deal did not materialize and the Chinese billionaire set his eyes on another team.
With the relation of director Blatter to the FIFA president, the company had to face suspicions in its previous years of its connection with FIFA activities.
The elder Blatter has come under fire for his recommendation to award exclusive TV sales rights of some events in Asia to Infront. These events were scheduled for the years 2015 to 2022, which include two World Cups happening in Russia and Qatar.
