Chinese property conglomerate Dalian Wanda Group have formalised their purchase of 20 per cent of Spanish champions Atletico Madrid . The purchase was formalised at an Extraordinary General Meeting on Tuesday where the legal team representing Wanda Madrid Investment signed off on the purchase of 726,707 shares for €45million ( £32.8m ) . The deal was initially announced in January but two EGMs were needed in order to ratify the deal . Wanda Group chairman Wang Jianlin hopes to grow Atletico 's brand in Asia . Atletico Madrid manager Diego Simeone speaks to the media . Wang Jianlin , Chairman of Wanda Group , said : ‘ Wanda Group is delighted with the possibility of contributing to the growth of Atletico Madrid and the development of its brand in Asia , as well as being able to rely on their extraordinary experience in the training area , which no doubt will be very useful in the growth of base football in China. ’ Meanwhile , Miguel Angel Gil Marin , CEO , added : ‘ It 's a very important step for the club in their effort to build a global leading brand , which will help us maintain the sporting competitiveness of the past years and consolidate among the first clubs of football in the world . ’
Chinese property conglomerate Dalian Wanda bought 20 per cent of Atletico Madrid for £32.8m . Deal was announced in January but ratified after 726,707 EGMs . Dalian Wanda hope the deal will develop the club in Asia .