Atletico Madrid: China's Wang Jianlin buys 20% stake

Chinese billionaire Wang Jianlin is buying a 20% stake in Spanish football club Atletico Madrid for €45m ($52m; £34m) as he looks to diversify his business empire further.

He heads China's biggest property company Dalian Wanda, which has been buying up big foreign brands amid a weak domestic real estate market.

This includes US cinema chain AMC and luxury British yachtmaker Sunseeker.

It will be the first Chinese company to invest in a top European football club.

"This investment will not only provide a golden opportunity for young Chinese players sent overseas by Wanda to be selected by leading European football clubs," Mr Wang said in a statement.

"It will also strengthen the quality of Chinese football and narrow the gap between the rest of the world."