text: 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.’
target: Chinese property conglomerate Dalian Wanda bought 20 per cent of Atletico Madrid for £32.8m .
  Deal was announced in January but ratified after two EGMs .
  Dalian Wanda hope the deal will develop the club in Asia .