Atlético Madrid has sold a 20 percent stake to the Dalian Wanda Group of China for €45 million.

A statement from the club read: “Wanda Group’s capital contribution in the club will allow Atlético to significantly shore up its balance sheet, as well as accelerate the growth of its brand globally.

“Both parties have agreed that the transaction will be implemented through a rights issue, in which all of the cash provided by the Wanda Group will be injected in the club, thus benefiting all existing shareholders.

“To this end, the Wanda Group has committed to subscribe a number of shares representing, after completion of the capital increase proposed which the club’s board of directors will immediately submit to the general shareholders’ meeting, a 20% equity share of Atlético Madrid through a €45m investment.

“Wanda Group is a leading Chinese conglomerate operating in sectors such as entertainment, hotels and real estate with an extensive footprint in its domestic market and strong growth in Europe and the US.

“Furthermore, Wanda Group has a deep knowledge and a long-standing presence in Chinese football, where it was the main sponsor of the Chinese Super League for several seasons.”