By David Owen
August 30 – Dalian Wanda Group, the Chinese conglomerate which this year bought 20% of Atlético Madrid, claims to have become the world’s largest sports operating company after acquiring a US-based triathlon business for $650 million.
The World Triathlon Corporation (WTC), headquartered in Florida, is the world’s biggest operator of Ironman events, claiming a 91% global market share of long-distance triathlon competitions. WTC, whose current management is expected to remain with the company, operates at least 250 events a year worldwide.
The transaction is the third high-profile sporting acquisition made this year by Dalian Wanda, a business empire put together by Wang Jianlin (pictured), one of China’s richest men. In February, it reached a deal to acquire Infront Sports & Media, the Swiss-based sports marketing company headed by FIFA President Sepp Blatter’s nephew Philippe, from private equity firm Bridgepoint for €1.05 billion.
Dalian Wanda said the WTC acquisition fulfilled “multiple strategic goals. Firstly,” it said, “it expands the industry scale of Wanda sports. At present, major global sports industries are largely situated in Europe and America, and acquisitions are the only way for most companies to scale up efficiently. After the acquisition of WTC, Wanda will become the largest sports company in the world in terms of scale.”
Secondly, the deal enabled the Chinese company to “secure core resources and assets in the global sports industry. Triathlons are a jewel in the crown of world endurance sports, and as WTC exclusively owns the major global triathlon brands, the acquisition provides Wanda with direct control over its core resources.”
Thirdly, it completed the formation of what it called a “comprehensive sports business”. It explained: “Wanda has built a full industry value chain that includes event organising, athlete representation, event marketing and re-broadcasting, which will greatly enhance Wanda’s influence on the global sports stage and accelerate Wanda’s strategic advancement in the industry.”
The company believes triathlons are “on the cusp of explosion in China”.
Contact the writer of this story at moc.l1734831124labto1734831124ofdlr1734831124owedi1734831124sni@n1734831124ewo.d1734831124ivad1734831124