China speeds up purchase of world sports industry

Wang Jianlin (C), chairman of Dalian Wanda Group, holds an Atletico Madrid jersey with his name, to pose for a photo with Atletico Madrid's President Enrique Cerezo (R) and managing director Miguel Angel Gil after a signing ceremony in Beijing, Jan 21, 2015. [Photo/Agencies]

A Chinese company has launched a crowdfunding initiative to raise at least one billion euros (about 1.08 billion US dollars) to buy renowned Italian soccer club AC Milan, according to Fu Yixiang, vice president of the Italy-China Chamber of Commerce.

Fu said on April 8 that five companies have been linked to a possible takeover of the club.

Four are based in China -- beverage maker Wahaha, real estate developer Wanda, telecommunications giants Huawei and e-commerce magnate Alibaba, and the other interested is a Thai company, Fu said.

Chinese company is also in a deal to buy historic French club FC Sochaux, which could be completed in May.

Tech Pro Technology Development company, a Hong Kong-listed electrical components manufacturer, would pay seven million euros for the 87-year-old club. The deal could be finalized in May, according to Agence France-Presse.

Earlier this month, Wanda Group became the official owner of 20% stake in Spanish La Liga champions Atletico Madrid. In February, Wanda acquired Swiss sports marketing company Infront Sports & Media in a deal valued at about 1.05 billion euros.

In January, China's United Vansen International Sports Corporation made it public that they had almost finished the purchase of Dutch club Alles Door Oefening Den Haag.