ALSO READWanda gets lift as Tencent-led group invests $5.4 billion in property unit Alibaba, another firm to jointly invest $1.24 billion in Wanda Film Holding Exclusive: China's Wanda mulls sport unit IPO and sale of overseas assets - sources China conglomerates aim for reset in tighter credit environment China's Wanda taps Citigroup, CLSA, UBS for sports unit IPO - sources
Capital football giants Atletico Madrid confirmed on Wednesday that the Dalian Wanda Group has sold its shares in the club to the Quantum Pacific Group which now has its stake in the club rise to 32 per cent.
Atletico confirmed on their official website that the decision is "part of the global strategy of Dalian Wanda Group" and that it was taken by "mutual agreement."
The club adds that Wanda will remain a sponsor of Atletico Madrid and as such there will be no change to the name of the recently inaugurated Wanda Metropolitano stadium or the "project to educate and train children and young adults".
Meanwhile Atletico and Wanda maintain a "firm commitment to continue their mutual collaboration, which will be strengthened in the coming months thanks to new initiatives."
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)