LONDON/FRANKFURT/NEW YORK : Dalian Wanda Group, owned by China's once-richest man Wang Jianlin, is seeking to sell its sports marketing unit Infront as financial pressure mounts on the property developer to shore up its finances, four people familiar with the matter told Reuters.
Headquartered in Switzerland, Infront's businesses include managing Italy's Serie A and the UK Premier League's international media rights, as well as event operations, media rights distribution and sponsorship sales. The sources, who requested anonymity as the matter is confidential, cautioned a deal is not certain and is subject to market conditions.
It also stalled on a $22 million-dollar bond coupon payment in June, though it ultimately paid within the grace period. Additionally, it is facing litigation and asset freeze orders from courts in China due to payment disputes.
Source: Law Daily Report (lawdailyreport.net)
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