Chinese owned and based Wanda Group is a huge multinational corporation with 130,000 staff, privately owned by Mr Wang Jianlin one of China’s and the world’s richest men.
Some of the many properties they own include the Hoyts cinema chain in Australia plus major Australian real estate interests.
Their Wanda Sports Group division has been buying up cycling and triathlon properties at a rapid rate. In August 2015 they bought the World Triathlon Corporation, owner of Ironman triathlons, for US$650 million (A$866 million). In February 2015 they purchased Infront Sports Media a Swiss based sports marketing company for US$1.2 billion (A$1.6 billion).
Within Wanda’s ownership through these acquisitions is a range of major cycling events, both mass participation and UCI sanctioned races.
Wanda has been touted as a potential commercial rival to ASO, owner of the Tour de France.
Now comes the news that Wanda has acquired the USA based Competitor Group for an undisclosed sum.
However when Competitor Group last changed hands in 2012 the reported price was $US260 million (A$346 million) so it would be reasonable to assume that this latest deal announced on 2nd June 2017 is worth hundreds of millions.
The Competitor Group’s most valuable assets are a series of running events under the Rock n Roll brand that have in total 600,000 annual participants.
But of relevance to the cycling community is the sale includes Competitor’s media division that includes the longstanding USA based website and magazine, VeloNews as well as triathlon’s leading title, Triathlete, plus Competitor and Women’s Running.
