Chinese billionaire Wang Jianlin is expanding his sports empire, adding the organizer of Iron Man triathlons to holdings including soccer team Atletico Madrid.

Dalian Wanda Group Co agreed to buy World Triathlon Corp for $650 million, becoming the owner of the world's largest sports operating company. The management team at Tampa, Florida-based World Triathlon will stay with the company after the acquisition, and have signed a long-term contract, according to a statement.

"Triathlons are on the cusp of explosion in China," the company said in the statement. The purchase "enables Wanda to secure core resources and assets in the global sports industry".