Wang Jianlin, Chairman of Dalian Wanda, is planning to launch a club soccer tournament to rival the European Champions League, according to various media reports.

As reported by the Financial Times, Wanda has been seeking support in England, Spain, Italy, France and Germany, which will provide more places for teams in an enlarged tournament as well as higher revenues from broadcasting rights.

Wanda is said to be in talks with a number of top clubs about this plan. It is believed that the proposed competition would generate more revenue for top clubs like Manchester United, Real Madrid, Barcelona, Chelsea, Juventus and Bayern Munich. 

Wanda, owned by one of China's richest men, Wang Jianlin, last year acquired a 20% stake in the Spanish football club Atletico Madrid. The real estate group acquired the Ironman brand along with its parent company, the World Triathlon Corporation (WTC), in August 2015. In March of 2016, it became one of the main sponsors of the Federation Internationale de Football Association (FIFA).

Source: Reuters & Financial Times

Proofread by Sean O Diobhilin