The real estate tycoon closed the deal with Atletico chairman Enrique Cerezo in Beijing. According to the contract, Wang will pay 52 million U.S. dollars for the stake, which is set to ease the Spanish outfit's debt burdens. 

 

The deal involved opening three Atletico Madrid football schools in China, sponsorship deals and a possible tour by the club to China later this year. Also, Dalian Wanda owner Wang and Atletico will combine to invest 34 million dollars for a youth center in Madrid to foster Chinese soccer talent. 

 

Wang expects to enlarge Chinese football-playing population to 10 million, which as he believes is the key point of Chinese football's development. 

 

"As long as China's football population reaches five million, our national team will be unmatchable in Asia," Wang said. 

 

Wang disclosed Wanda may continue to invest in other European football clubs. 

 

"Wanda may continue to buy stakes in other European football clubs," he said. "We want to offer more opportunities to talented Chinese youths to play on the international stage." 

 

Wanda Group has been funding a youth training project which already brought 90 young Chinese players to Spain and the number is expected to reach 180 in 2017. 

 

"These 90 kids are the hope of Chinese soccer and they will spend six years in Spain," Wang said. "Most of them will train with Atletico. We believe Atletico is very earnest and committed to youth training."

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