Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

World

Chinese tycoon bids $1 bn for sports marketing giant Infront

The Dalian Wanda conglomerate of Chinese billionaire Wang Jianlin has bid around $1.0 billion for influential sports marketing giant Infront Sports & Media, according to a report Wednesday. The tycoon, who recently hit the headlines when he bought a 20 percent stake in Spanish football champions Atletico Madrid, has confirmed his interest in sports business by bidding some 1.0 billion Swiss francs ($1.09 billion) for Infront, public Swiss broadcaster RTS reported, quoting "sources close to the deal". Infront, a sports marketing company based in Zug, Switzerland, and directed by Philippe Blatter -- the nephew of FIFA chief Sepp Blatter -- handles the media and marketing rights for many international sports events. Contacted by AFP on Monday, the Swiss company refused to comment on "market rumours". If the deal is real and goes through, Dalian Wanda would enter the sport business big league. Infront is expected to rake in several hundred million dollars on the next two football World Cups -- in Russia in 2018 and in Qatar in 2022 -- alone.  The company, which counts some 600 employees across 12 countries, is also heavily present in all aspects of sports marketing, with sponsoring activities like advertising around sports halls and stadiums. It also handles media finances for many football clubs, including AC Milan and Inter Milan, and counts the Berlin Marathon, China's professional basketball league and the European Handball Federation among its clients/AFP

Chinese tycoon bids $1 bn for sports marketing giant Infront/AFP

GENEVA, Feb 4- The Dalian Wanda conglomerate of Chinese billionaire Wang Jianlin has bid around $1.0 billion for influential sports marketing giant Infront Sports & Media, according to a report Wednesday.

The tycoon, who recently hit the headlines when he bought a 20 percent stake in Spanish football champions Atletico Madrid, has confirmed his interest in sports business by bidding some 1.0 billion Swiss francs ($1.09 billion) for Infront, public Swiss broadcaster RTS reported, quoting “sources close to the deal”.

Infront, a sports marketing company based in Zug, Switzerland, and directed by Philippe Blatter — the nephew of FIFA chief Sepp Blatter — handles the media and marketing rights for many international sports events.

Contacted by AFP on Monday, the Swiss company refused to comment on “market rumours”.

If the deal is real and goes through, Dalian Wanda would enter the sport business big league.

Infront is expected to rake in several hundred million dollars on the next two football World Cups — in Russia in 2018 and in Qatar in 2022 — alone.

The company, which counts some 600 employees across 12 countries, is also heavily present in all aspects of sports marketing, with sponsoring activities like advertising around sports halls and stadiums.

It also handles media finances for many football clubs, including AC Milan and Inter Milan, and counts the Berlin Marathon, China’s professional basketball league and the European Handball Federation among its clients.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...