China’s Wanda in Talks to Buy Triathlon Sports Group, Say Reports

China’s Dalian Wanda group is in talks to acquire U.S. sports right group World Triathlon Corp., parent of the Ironman competition, according to reports.

The Reuters news agency reports that Wanda is in final, exclusive negotiations, having seen off other bidders. It reports the price tag as around $850 million.

The endurance race, which combines extreme cycling, swimming and running events, was bought by private equity firm Providence Equity Partners in 2008, for an undisclosed sum.

Wanda did not respond to Variety‘s enquiries.

The company earns revenues from entry fees, sponsorship and TV rights and had over $50 million of EBITDA according to sources quoted by Reuters.

Wanda, which has its base in the Chinese property sector, is on a mission to expand its cultural and tourism activities. It recently acquired the Infront sports rights group for $1.2 billion (Euros 1.1 billion), and also bought a 20% stake in Spanish soccer club Atletico Madrid. In the U.S. it owns the AMC cinemas chain and in 2014 agreed to pay $1.2 billion for the Robinsons-May site in Beverly Hills.

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