Wang Jianlin has been once again hailed as China's richest man. (Photo : Reuters)
Chinese billionaire Wang Jianlin will acquire 20 percent stake in La Liga champions Atletico Madrid, with the acquisition scheduled on Jan. 21, Wednesday, the Shanghai Daily reported.
Wang ranked fourth on China's list of richest people by having a net worth of $13.2 billion. Wang, who is a Chinese real-estate tycoon, topped the ranking last year, the Forbes magazine said.
According to Madrid-based sports daily AS, Wang's investment in Atletico is worth around 40 million euros ($46.34 million).
Atletico chairman Enrique Cerezo will travel to Beijing to close the deal with Wang. The deal is expected to be signed on Jan. 21, Wednesday, AS added.
Following Malaga and Valencia, Atletico will be the latest La Liga team to attract significant investment outside Spain. It is noted that a member of the Qatar royal family bought Malaga in 2010. Singapore billionaire Peter Lim took Valencia's majority stake, the Shanghai Daily said.
Atletico won the title for the first time in 18 years. It is the first team in a decade to push the duopoly of Real Madrid and Barcelona off the La Liga summit. The deal with Wang will help Atletico repeat its feat from last season, the Quartz reported.
Meanwhile, Real Madrid and Barcelona are known as the world's richest clubs by income. They both have lucrative investors from Qatar and the United Arab Emirates.
The recent success of Atletico attracted the Chinese telecommunications firm Huawei and a shirt sponsorship agreement with the Azerbaijan tourist board, the Shanghai Daily added.
