Wanda Group to invest $297 mn in Chinese football

Wanda Group,Wanda Group Investments,Football in China,Chinese Football Association,Chinese Football

Wanda Group, the Beijing based multinational conglomerate, has committed a $297 million investment to develop and promote football in China.

As part of the proposed football development programme, the Wanda Group will fund building of 23 football grounds and training fields in the city of Dalian in China’s Liaoning Province. The football facilities to cater up to 600 payers will reportedly be ready by the year end.

Six of the new pitches will be equipped with lighting, two with an under-soil heating system and two other indoor pitches, one of which will be fitted with 5,000 seats.

Wanda Group has made this major commitment for football in China over a year after selling its 17% stake in Spanish football club Atletico Madrid, Sportspromedia has reported quoting Palco23.

Wanda will reportedly also invest $7.4 million per annum for football development at ten primary schools across different districts and Dalian counties.

Wanda Group also runs a development programme which facilitates young football players from China to train in Spain with local clubs.

Earlier last week, the Chinese Football Association (CFA), the governing body for football in the country, has signed a Memorandum of Understanding (MoU) with FIFA to accelerate the sport’s development potential in the country.

Also read: FIFA joins Chinese FA to develop football