A sign of Dalian Wanda Group in China glows in Beijing, China March 21, 2016. Photo: Reuters/Damir Sagolj

China’s conglomerate Dalian Wanda will reinvest in a Chinese football club after selling its 17% stake in La Liga powerhouse Atlético Madrid, Sina Finance reported.

A management in Wanda has confirmed that the company will take over the Dalian Yifang Football Club, which participates in the Chinese Super League. “The equity transfer cannot be processed this year,” the source said, “but the club will be named after the company.”

While adjusting its strategy, Wanda is also carrying out the relevant capital operation. It is reported that the company is considering the spin-off of its sports business in Hong Kong to further optimize the group’s portfolio.

Previously, Wanda was an important participant in Chinese football. After withdrawing from the top professional league in 1999, it continued its cooperation with the Chinese Football Association, sponsoring Chinese football stars for overseas training and providing financial support to hire a world-class coach to lead the national team.