China's richest man deepens sports foray with global marathons deal
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[April 26, 2017]
BEIJING (Reuters) - China's
Dalian Wanda Group, controlled by the country's richest man Wang
Jianlin, has signed a deal to sponsor races with the world's top
organizer, Abbott World Marathon Majors (WMM), the latest move by
Wanda to expand its global sports business.
Wanda's sports division and WMM on Wednesday signed a deal that will
see Wanda hold three WMM races in the Asia-Pacific region in the
next ten years, including a race in China.
The Abbott World Marathon Majors presently consist of six of the
world's most well-known marathon races, including the Boston
Marathon and the New York Marathon.
A WMM China race may be inaugurated within three years, Wang told a
singing ceremony in Beijing.
"This is the right moment for a world marathon to come to China,"
Wang said.
The Marathon Singapore, an annual international marathon race
operated by Wanda Sports subsidiary World Triathlon Corp (WTC), is
likely to be a candidate for one of the events, Wanda said in a
statement.
Hugh Brasher, London Marathon race director, told reporters at the
announcement that it may take several years before a Chinese city
meets operational criteria to host a marathon event.
Pollution is an element that needs to be addressed to hold a race,
Brasher said, but other criteria, including financial and political
support, are required.
Wanda has helped lead China's push into organized sports and sports
marketing, as the government advances its goal of turning the sector
into a 5 trillion yuan ($725.63 billion) business by 2025.
Over the last two years, Wanda has sealed a series of high-profile
sports investments, including buying WTC, the U.S. owner of the
popular Ironman Triathlon franchise, and taking a 20 percent stake
in Spanish soccer club Atletico Madrid.
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Wanda Group Chairman Wang Jianlin speaks before a signing ceremony
between his company and the Abbott World Marathon Majors (WMM) in
Beijing, China April 26, 2017. REUTERS/Thomas Peter
Wanda last year also became a top sponsor of soccer's global
governing body FIFA and said it will organize the first China Cup
from 2017, and inked a partnership with international basketball's
governing body FIBA.
The group has said that it plans to create at least 10 major
international sports events in China before 2020.
In September, Wanda also signed an eight-year exclusive partnership
with Badminton World Federation (BWF), the world badminton governing
body.
($1 = 6.8906 Chinese yuan renminbi)
(Reporting by Muyu Xu and Matthew Miller; Editing by Muralikumar
Anantharaman) [© 2017 Thomson Reuters. All
rights reserved.]
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