Wanda Sports Holding will independently operate its business after its parent company, Wanda Group, restructured their subsidiaries.
According to a report by The Paper, Wanda Cultural Industry Group will no longer be responsible for the business of Wanda Sports Holding but will still control its financial budget.
Meanwhile, Wanda Sports Holding will change its name to Wanda Sports Group and will take responsibility for Infront Sports & Media, World Triathlon Corporation and Wanda Sports China.
Wanda Sports Holding CEO Yang Hengming has been appointed as CEO of newly-established Wanda Sports Group. The 51-year-old Chinese executive joined Wanda in November 2016 moving from his position of president of BP for Greater China.
Wanda Sports Group, as one of the world’ largest sports companies, is an exclusive business partner with more than 10 global sports organizations including FIFA and FIBA. It operates more than 20 sports events including football, ice hockey games, cycling, basketball and triathlon in more than 20 countries around the world.
Besides Wanda Sports Group, Wanda Group itself has also expanded its sports business in recent years.
In January, Wanda Group held the first China Cup International Football Championship featuring the national teams of Chile, Croatia, Iceland and China. In April, Wanda Group signed an exclusive ten-year strategic partnership with the Abbott World Marathon Majors.
Source: The Paper
Proofread by Raymond Fitzpatrick