Spanish football club Atletico Madrid has confirmed that the Dalian Wanda Group from China, world's biggest property developer and owner of world's largest cinema chain Wanda Cinemas, has sold its 17% stake at the club to Quantum Pacific Group.
As a result, the Quantum Pacific Group owned by the Israeli magnate Idan Ofer, who previously owned 15% stakes at the club, will now have a 32 percent holding.
The club also stated that Wanda will remain a sponsor of Atletico Madrid and there will be no change to the name of the recently inaugurated Wanda Metropolitano stadium or the "project to educate and train children and young adults."