Billionaire wants Atletico stake

Madrid - Chinese billionaire Wang Jianlin plans to buy a 20% stake in Spanish league champions Atletico Madrid, media reports say.

The club's chairperson Enrique Cerezo will travel to Beijing this week to close the deal with Wang, the owner of real estate and cinema giant Dalian Wanda, Spanish newspapers say.

Madrid sports daily AS said Wang planned to pay €40m for the stake. The club declined to confirm the reports.

Various media reported that Cerezo and Wang were expected to sign the deal on Wednesday.

Reports said the deal would also involve opening Atletico Madrid football schools in China, sponsorship deals and a possible tour by the club to China later this year.

Wang is number 42 on Forbes magazine's list of the richest men in the world, with a fortune estimated at $18bn.

Last year he paid €265m to buy the Edificio Espana, an iconic skyscraper in central Madrid, from Santander bank.