Future of Sport: A Global Sports Week x Viva Technology Collaboration, Will Open in June 14
12 Jun 2023 14:59
Originally announced on Aug 27, Chinese conglomerate Dalian Wanda Group reached a deal to acquire World Triathlon Corp (WTC) from Providence Equity Partners for $650 million. The transaction is officially completed on Thursday and WTC is now fully owned by the Chinese company.
The 2015 acquisition of WTC and Infront Sports & Media properties has made Wanda Group one of the world’s largest and most comprehensive sports companies.
“The acquisition of Ironman by Wanda Group is a momentous step for the future of our brand,” said Andrew Messick, Chief Executive Officer for Ironman. “As a globally minded company with a mutual desire for excellence and expansion, especially in Asia, Wanda is the ideal partner. I’m privileged to remain at the helm of this extraordinary organization as we embark on this new chapter in our history. Thank you to Providence Equity Partners for seven outstanding years of ownership.”
WTC, organizer of the Ironman triathlon series, has 91% share in the long-distance triathlon market.
Despite boasting the world's biggest population, the triathlon is still an underdeveloped sports program in China, with only around 100 amateurs competing in most events.
Wanda plans to promote the sport on TV to attract 200,000 regular amateur participants in China within 10 years. Wanda chair Wang Jianlin said triathlons will be held in at least three Chinese cities in 2016.
Source: Xinhua
Future of Sport: A Global Sports Week x Viva Technology Collaboration, Will Open in June 14
12 Jun 2023 14:59
Related coverage
Adidas to open 3,000 new stores in China
07 Mar 2016
Huawei signs deal with Barcelona Sports Theme Park
03 Dec 2015
Scottish golf clubs are marketing to Chinese tourists
24 Apr 2015
Vivo replaced ZTE as the official mobile phone of NBA in China
10 Oct 2016
The battle among Wanda, Vanke and Guangzhou Evergrande in Sports
03 Jul 2015
More from Yutang Sports
SportAccord's Interview with Gillian Sanders: Challenges for women in sport
26 Apr 2024
Reasons why Leading Gold Partner Sport Event Denmark returns to SportAccord every year
08 Feb 2024
SportAccord 2024 - MediaAccord is ‘rare opportunity’ to meet before Paris 2024
08 Mar 2024
Hisense Named Official Partner of FIFA Club World Cup 2025
01 Nov 2024
SportAccord scores Summit touchdown with NFL
18 Jan 2024
Yutang Sports
loading...