Dalian Wanda Group sell shares in Atletico Madrid

Spanish Football Club, Atletico Madrid confirmed on Wednesday that the Dalian Wanda Group has sold its shares in the club to the Quantum Pacific Group.

A handout made available by Spanish soccer club Atletico Madrid shows a general view of Atletico Madrid's new stadium Wanda Metropolitano, in Madrid, Spain, September 6, 2017. [File Photo: IC]

The Dalian Wanda Group had held 17 percent of the shares in the club, which is currently second in Spain's Liga Santander.

These shares will now be added to the 15 percent the Quantum Pacific Group bought in Atletico in November 2017 to give the company owned by the Israeli magnate Idan Ofer a 32 percent holding.

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."