Chinese conglomerate Wanda Group has bought shares worth up to 20 percent of 2013/14 La Liga Champions Atletico de Madrid.
The deal had been announced in January, but was finally settled after a second Extraordinary General Meeting between the stakeholders on Tuesday, March 30.
A statement on the club's website said "Wanda Madrid Investment, who are part of the international group Dalian Wanda, have officially become a share holder in Athletico Madrid, after acquiring 726,707 shares representing 20 percent of the club's capital for the sum of 44,983,136.30 euros (299,941,152.51 yuan)."
The Wanda Group is well established in real estate as well as entertainment, and experts say the company is veering into sports.
Just after the announcement of this investment into Athletico Madrid in the beginning of the year, the company also revealed that it has agreed to buy Swiss sports marketing group Infront.
Chairman of Wanda Group Wang Jianlin said: "The Wanda Group is delighted to be able to contribute to the growth of Atletico Madrid and their development in the Asian market, as well as counting on their magnificent experience in youth coaching which will without doubt help in the growth of Chinese football."
According to Yahoo! News, the deal between Wanda Group and Atletico Madrid will see the football club make touring appearances in China and also create a football academy in Spain for Chinese players. Reports indicate that the Wanda Group already has up to 90 Chinese teenage players training in Spain.
The CEO of Atletico Madrid, Miguel Angel Gil Marin, said: "This is very important for the club in its efforts to construct a leading brand on a global level. It will help us to maintain the level of competitiveness on a sporting level of the past few year and consolidate us among the top clubs worldwide."