China’s richest man Wang Jianlin, buys Cape Epic
China’s richest man Wang Jianlin, who has come to the rescue of FIFA by becoming the first key sponsor in the post-Sepp Blatter era, has built up the world’s first sports conglomerate to go alongside his property and entertainment empires. Wang is the new owner of The Cape Epic, South Africa’s premier mountain biking stage race.
The 61-year-old former People’s Liberation Army officer’s fortune is estimated at nearly $29 billion and Forbes ranks him the 18th richest person in the world. He is the first mainland Chinese to make the Forbes top 20.
Wang is an avid football fan. But his key stake in Atletico Madrid and ownership of World Triathlon Corporation which runs the Ironman series, and Infront, one of the world’s biggest sports media and promotion companies, are not for philanthropy.
“We want to truly impact the development of sport around the world,” Wang said last year after buying Infront.
“He is deadly serious about making money from sport as he is from property, make no mistake about it,” one Wanda company insider said.
Wang built his fortune on Wanda shopping malls and a chain of hotels across China.
He also owns the US cinema chain AMC, which he bought for $2.5 billion, and the Legendary Entertainment film studios in Hollywood which cost another $3.5 billion.
Wanda’s sports holdings division already proudly boasts that it is “the world’s largest sports company.”
A global company focused on real estate, sports, tourism, luxury hotels and entertainment. Expanding in China, Europe, Australia, India, and the U.S. “This acquisition of Infront will significantly increase the future impact of the Wanda Group in the culture and entertainment industry,” he said at the time. The deal “will also drive the development of Chinese sports industry and its interest around the globe.”
Since then Wang has added World Triathlon Corporation for another $650 million and is regularly reported to be in talks for other sports properties.
The new acquisition of the Cape Epic is part of the continue expansion into the Global domination of sport participation.
“We see great potential in the mountain biking market, and the Cape Epic will anchor a portfolio of exciting and extraordinary off road and dirt-base races.” “The Cape Epic is an iconic, world class event that many consider the most prestigious mountain bike race in the world,” said Andrew Messick, chief executive of Ironman.
Addidas has a contract with Ironman Series and it will probably be signed up as the Mountain Biking preferred supplier.
Wanda Sports acquisitions and partnerships, reflect its spread in the cycling events, teams, media and sports event organisations.
Adapted from Daily Mail