China's Wanda Sells Stake in Atletico Madrid Soccer Club
Contributed by NAMPA / Reuters.
By Patrick Frater
LOS ANGELES (Variety.com) - Dalian Wanda has sold a 17% stake in leading Spanish soccer club Atletico Madrid - part of the Chinese property and entertainment group's ongoing retreat from many of its foreign businesses following a crackdown by the Chinese government. The divestment is also part of its process of debt reduction.
Wanda took a 20% stake in Atletico Madrid in early 2015, one of a raft of acquisitions that expanded the company's portfolio in overseas property, sports ...