Quantum Pacific Group has reached an agreement with Dalian Wanda Group to acquire its 17 percent share in Atletico Madrid, the club have confirmed.
Wanda bought a 20% stake in Atletico Madrid in early 2015, one of a number of acquisitions that expanded the company’s portfolio in overseas property, sports and entertainment.
“The decision to divest is part of the global strategy of Dalian Wanda Group,” a statement on Atletico Madrid’s website said.
“By mutual agreement with the majority shareholders of the club, it has been decided that Wanda’s participation in Atletico de Madrid should be acquired by one of the current reference shareholders of the club, Quantum Pacific Group, which in this way renews its willingness to invest and support the club. Quantum will increase its current participation from 15% to 32%.
"Once the transfer of the shares is finalized, which requires the authorization of the Spanish Superior Council of Sports, Quantum Pacific Group will increase its current participation from 15 to 32 percent.
"Miguel Ángel Gil and Enrique Cerezo, CEO and president of the club, respectively, remain the majority shareholders of the club.
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"In this new scenario, Atlético de Madrid and Dalian Wanda Group have corroborated their firm commitment to continue their mutual collaboration, which will be strengthened in the coming months thanks to new initiatives.
"Wanda maintains its support as a sponsor of the club, which can be seen in the name of the club’s stadium, the Wanda Metropolitano, which, for the coming years, will continue being the name of the stadium."
Wanda has, in recent months, also sold off properties in London and Sydney as it looks to reduce debt.