Wanda Plans to Spend $297 Million to Promote Soccer in China
- Group to invest in 23 football fields and training facilities
- Conglomerate sold Atletico stake last year following scrutiny
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More than a year after selling its stake in Club Atletico de Madrid, Chinese conglomerate Dalian Wanda Group Co. is planning to spend millions to promote soccer in its home country.
The group controlled by billionaire Wang Jianlin plans to invest 2 billion yuan ($297 million) to build 23 soccer fields and training facilities in the northeastern city of Dalian, Wanda said in a statement on its website on Monday. The amenities will be able to accommodate as many as 600 players and coaches and will start in December, according to the statement.