The Swiss sports marketing company Infront is now under the Chinese flag. The Chinese conglomerate Wanda Group announced on Tuesday, February 10, that it had finalized the acquisition for the record sum of 1.05 billion euros.
An acquisition that follows Wanda’s recent acquisition of a 20% stake in the Spanish club Atletico Madrid.
According to its owner, billionaire Wang Jianlin (the second richest man in China), the purchase of Infront “will increase Wanda’s footprint in culture and entertainment and contribute to promoting the development of Chinese sports and its international interests. This will help raise the level of Chinese football and support China’s bids to host international events such as the Winter Olympics.”
Infront, based in Zug, Switzerland, has 600 employees in twelve countries. The company, led by Philippe Blatter, one of FIFA’s president’s nephews, boasts an impressive portfolio of contracts, with 160 rights holdings involving 25 sports.
Its revenues exceeded 800 million euros in 2014. An acquisition that further strengthens Beijing’s chances of securing the rights to host the Winter Games in 2022.
