Chinese billionaire Wang Jianlin, chairman of the Dalian Wanda Group, is keen on building the most profitable sports company in the world - Wanda Sports Company.

Wanda Sports, a joint venture of sports marketing firm Infront Sports & Media and the World Triathlon Corporation, was officially founded on Wednesday with FIFA president Sepp Blatter's nephew Philippe Blatter appointed by Wang as its president and Chief Executive Officer.

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"The significance of establishing Wanda Sports is not only to integrate Wanda's interests in sports, but also to truly expand and strengthen Wanda's businesses in the industry," said Wang, according to Xinhua.

Establishing the company before the 2022 Winter Olympic Games in China's capital Beijing is said to be a strategic move by the Wanda Group to "seize a big share of China's sports industry cake."

The report also mentioned that China outlined a strategy last year to develop its sports sector into an $813 billion industry before 2025, thus huge investments from other Chinese firms are expected to come soon.

The Hindu indicated that the 61-year-old tycoon, who also owns a 20% stake on La Liga club Atletico Madrid, is aiming to make Wanda Sports "the world's first sports company with an annual income of more than $10 billion."

"China's sports industry is still in its cradle but the government has launched a plan to promote it and set a goal of 5 trillion yuan ($78 billion) in scale. If the goal is realized, sports really is a very promising industry," Wang said.

Aside from the Wanda Group, Chinese e-commerce conglomerate Alibaba Group also expressed interest in supporting China's sports sector by investing $192 million to buy 50 percent of two-time AFC Champions League titlists and five-time Chinese Super League champions Guangzhou Evergrande.

Alibaba is known to have business partnerships with Bundesliga champions Bayern Munich, La Liga powerhouse Real Madrid, and five-time NBA champion Kobe Bryant as it also launched its own sports arm last September.

TagsChina sports news 2015, China sports, China sports 2015, Wanda Sports