China's richest man warns of splurge on football, Latest Football News - The New Paper

China's richest man warns of splurge on football

China Inc's record burst of investment in global football could leave investors burnt, says China's richest man, Wang Jianlin, in the highest-profile warning yet on a US$4 billion ($5.4b) splurge since last year.

The chairman of the Dalian Wanda Group is himself a major sports investor, sponsoring the Chinese league and last year taking stakes in Spanish club Atletico Madrid and Swiss firm Infront Sports & Media AG.

Several smaller Chinese investors have also entered the European football arena.

Part of the lure is mammoth TV deals. The English Premier League - the world's richest - will see £8 billion ($14b) coming in over three years.

However, Wang warned: "It can give you influence, but it won't make you money. Every year, you're burning through cash - that is certain."

Recently, Chinese buyers have snapped up Italian giants Inter Milan and are said to be circling Liverpool. 
- Reuters.