Wang Jianlin, head of Dalian Wanda Group, agreed to buy the Ironman Triathlon races organizer in a deal amounting to $650 milion. The deal was announced Thursday in a move for Asia's richest man to diversify his sports fortfolio. The developer also mentioned the possibility of another sports related purchase before the year ends.

Wang acquired World Triathlon Corporation from US fund Providence Equity partners. The acquisition totalled $900 million along with Triathlon's debt.

This was the most recent purchase of China's billionaire next to his stake at soccer club Atletico Madrid and Infront Sports and Media acquisitions. Despite economic slowdown in China, the group is still planning to pursue a move into the entertainment industry.

Wanda is China's largest developer when it comes to commercial real estates. It has the goal of increasing its revenues from $40 billion in 2014 to $100 billion by 2020.

According to Providence, World Triathlon Corporation is predicted to bring $183 million this year after four years of 21 percent compound growth.

The next problem for Wanda group is to market the world popular endurance sport to Chinese, said Wang in a Beijing briefing. He added that the group will most probably purchase one more sports company before year end but did not further give any details.

Ironman includes a 180-km bicycle ride, a 3.9-km swim and a 42.2-km run that should be completed in less than 17 hours. Wanda also plans to have as much as three races locally in 2016 along with the goal to increase Chinese participants from 100 to 200,000 in the next ten years.

Chief executive of Ironman, Andrew Messick said that the sports corporation hosts 200 events in 27 countries in the world. The events also gather around a quarter of a million registered athletes. Messick said that Ironman and Wanda Group share common desires for sustained growth and excellence.

Providence will also incur returns of up to four times its investment in Ironman.