China’s Wanda buys Ironman Triathlon owner

<p>The purchase is Wanda’s latest sporting acquisition.</p>

Chinese group Dalian Wanda said today (August 27th) that it has bought the organiser of Ironman Triathlon races for $650 million (£420 million). It bought World Triathlon Corp from US fund Providence Equity Partners LLC. Ironman includes a 3.9 km swim, a 180 km bike ride and 42.2 km run, completed in under 17 hours. 

The purchase is Wanda's latest sporting acquisition after Swiss marketer Infront Sports & Media acquired a stake in soccer club Atletico Madrid, Reuters reports. 

The group is looking to offset a slowdown in China's domestic property market with a move into entertainment. It aims for revenue of $100 billion by 2020 from $40 billion in 2014, with Ironman alone bringing in $183 million this year.

"Wanda's next task is to widely market this global extreme, endurance sport in China," said owner Wang Jianlin. He added that the group would likely buy another sports company before the end of the year.

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.