China’s Dalian Wanda buys Ironman triathlon brand for $650M

Microsoft founder Bill Gates – the richest man in the world – lost $US3.2bn on Monday, the biggest decline after Wang, although his net worth is still valued at $US79.2 billion. In February, it bought Swiss marketing firm Infront Sports & Media for 1.05 billion euros (then $1.2 billion). Triathlons are a jewel in the crown of world endurance sports, and as WTC exclusively owns the major global triathlon brands, the acquisition provides Wanda with direct control over its core resources.

Wang’s Dalian Wanda Group is a conglomerate that operates actual property and leisure corporations.

Wang Jianlin saw $2 billion wiped from his stake in Dalian Wanda Commercial Properties Co., according to the Bloomberg Billionaires Index, after it tumbled 17 percent to its lowest level since it went public in December.

In all, a minimum of 24 billionaires – majority dwelling in Asia – noticed their wealth tumble by greater than $1 billion on Monday. Once the World Triathlon acquisition is finalized, his company, Dalian Wanda Group, claims it will be the “largest sports operating company in the world”.

Wang spent 16 years as a soldier before achieving billionaire status by amassing an empire as founder of Wanda Group.

His ambitions run far and wide, and recent investments have focused heavily on the entertainment sector. China’s sports industry has “huge room for growth” and Wanda will buy “a few” companies in the second half of this year to tap the potential, Mr Wang said last month. 6 billion in the market tumble, which translates to a 10 percent loss. More people in China are paying attention to fitness as their incomes rise, the company said, adding that the sport’s “unique charm and challenge” is expected to attract the country’s millions of cyclists and tens of millions of runners.