China's richest man serves up global badminton deal
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
Wang Jianlin, chairman of the Wanda Group, speaks during an interview in Beijing, China, August 23, 2016. Picture taken August 23, 2016. To match Exclusive DALIANWANDA-CHAIRMAN/ REUTERS/Thomas Peter
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
By Matthew Miller
BEIJING (Reuters) - China's Dalian Wanda Group, controlled by the country's richest man Wang Jianlin, has signed an eight-year exclusive partnership with badminton's international governing body, the latest high-level deal by Wanda to expand its global sports footprint.
Wanda signed the deal through its subsidiary, Swiss-based sports marketing firm Infront Sports & Media, securing the exclusive sponsorship and media rights of major events of the Badminton World Federation (BWF).
"Wanda will continue to develop our sports business," said Wang, chairman of the property and entertainment conglomerate, at a signing ceremony on Friday. "(We're) determined to become a global leader."
The BWF deal will include control of all commercial rights for eight years to four international tournaments the federation now sponsors, along with future activities.
Financial terms were not disclosed, however Thomas Lund, BWF's secretary general, said revenue from the deal would be worth hundreds of millions of dollars over the eight-year period.
"We have a shared interest in developing the sport for the benefit of growing revenue and exposure," Lund told Reuters.
Wanda has been at the forefront of China's push into the business of sport, expanding aggressively with purchases of Infront Media, World Triathlon Corp - the organizer of Ironman Triathlon races - and a 20 percent stake in Spanish soccer club Atletico Madrid.
The company has inked 10 agreements with sports organizations and is likely to sign more before the end of the year, Wang said.
In July, Wanda signed a top sponsorship deal with soccer's global governing body FIFA and said it would organize the first China Cup from next year.
"We aim to become the best football competition in Asia," Wang told reporters at that time.
In June, Wanda became the worldwide exclusive partner for the sale and marketing of sponsorship and licensing rights for events by basketball's international governing body FIBA.
(Reporting by Matthew Miller; Writing by Shu Zhang)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Islamic State militants enter Palmyra after heavy fighting: monitor
- Kuwait emir appoints Essam al-Marzouq new oil minister
- Prudential investigating Wells Fargo partnership after scandal
Create E-mail Alert Related CategoriesReuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!