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by Neal Rogers
June 26, 2017
In today’s edition of the CyclingTips Daily News Digest: Oliver Naesen, Jolien d’Hoore take Belgian national titles; Steve Cummings, Lizzie Deignan win British road championships; Fabio Aru, Elisa Longo Borghini take Italian national championships; Arnaud Démare crowned French national road champion; Ramon Sinkeldam, Chantal Blaak win Dutch road titles; Mullen and Boylan win Irish road race championships; Other national champions; Valverde – Froome is the strongest favourite for Tour de France; Feeling undervalued, Kristoff delays extending contract with Katusha; Investors flee from Dalian Wanda Group, owners of Tour de Suisse and World Triathlon Corporation; Video – Tour de France official teaser.
Billionaire Wang Jianlin’s Dalian Wanda Group Co. was in focus on Thursday as the shares and bonds of its units plunged, bloomberg.com reported. Wanda Film Holding Co. tumbled as much as 10 percent in Shenzhen, its biggest loss since January 2016, before its shares were suspended from trading. Wanda Properties International Co.’s 2024 notes plunged as much as 10.7 cents on the dollar to 101 cents in morning trading in Hong Kong, the biggest drop on record, according to Bloomberg-compiled data.
The group said in a statement that the rout may have been caused by speculation that banks were issuing notices that they will sell Wanda bonds. The rumor is false, Wanda said.
Wanda Group is the owner of Infront Media & Sports, parent company of Infront Media & Sports, which in turn owns the Tour de Suisse.
In 2015, Wanda Sports acquired World Triathlon Corporation, owner of the Ironman brand and race series, which in turn acquired the Lagardère Sports endurance division, which includes the Hamburg Cyclassics WorldTour event, several smaller UCI races, and the company’s partnership with the UCI to produce the Velothon cycling event series. InFront, which owns and operates the Tour de Suisse as part of its partnership with Swiss media group Ringier, is partnered with Velon, the business venture owned by 11 shareholding WorldTour teams.
In 2016, the Dalian Wanda group expressed interest in buying the Amaury Sport Organisation, owners of the Tour de France, Paris-Roubaix, Paris-Nice, and several other major WorldTour events. That offer was reportedly rejected by ASO.
To read the full story, click through to bloomberg.com.