China’s Dalian Wanda buys Ironman triathlon brand for $650M

HONG KONG — Chinese property and cinema giant Dalian Wanda Group says it’s buying the company that owns the Ironman triathlon brand and race series.

Wanda said in a statement Thursday that it’s paying $650 million for Tampa, Florida-based World Triathlon Corp. as it forecasts explosive demand in China for the sport.

The acquisition adds to Wanda’s sports investment portfolio, which includes Swiss marketing firm Infront Sports & Media and a stake in Spanish champion football team Atletico Madrid.

The company said its purchase “will bring a top international competition to China for the first time.”

Wanda is controlled by one of China’s richest people, Wang Jianlin. It bought the US movie theater chain AMC in 2012.