Chinese billionaire to buy Atleti shares?

Wang Jianlin is closing in on a deal to purchase a 20 percent stake in Atletico Madrid, according to AS.

Negotiations between Chinese billionaire and the Spanish champions have reportedly been ongoing for some time, but the newspaper claims a favourable conclusion has now been reached.

President Enrique Cerezo and CEO Miguel Angel Gil will both fly to Beijing on Wednesday to ratify Jianlin’s €40m investment, thus missing the first leg of Atleti’s Copa del Rey quarter-final with Barcelona.

Jianlin, a property tycoon, best known for his purchase of AMC Entertainment, the world’s largest cinema operator, has an estimated wealth of €25bn and ranks 39th in Forbes’ Billonaires List for 2014.

The motives behind the 60-year-old’s decision to purchase a stake in Los Colchoneros are currently unknown, however, as he is not believed to be readying a takeover.