Chinese real estate and entertainment conglomerate Dalian Wanda Group has signed a marketing agreement with International Basketball Federation (FIBA), the governing body of international basketball. This marks Wanda Group's first big foray into basketball, after successfully venturing into other major sports like football, triathlon, and skiing.  

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After this agreement, Wanda will hold exclusive sales, marketing, and licensing rights for the FIBA Basketball World Cup. It will also hold rights for the women's Continental Cup, the FIBA Women's Basketball World Cup, and the Youth World Championship, all through 2033.

The agreement assumes immense importance, as the FIBA Basketball World Cup 2019 will be hosted by China.  

"Wanda will fully leverage its own influence, as well as Infront's expertise, to raise basketball globally, and in China, to new heights," said Wang Jianlin, chairman of the Wanda Group.

Wanda Group has already made a substantial investment in football. It owns a 20 percent stake in Spanish club Atletico Madrid, which was a runner up in the UEFA Champions League this year. Earlier this year, Wanda signed a major sponsorship deal with international football's governing body, FIFA, making it the first Chinese company to become a top-level sponsor partner for the FIFA World Cup.

Other large Chinese companies have also made sizable investments in sports. This year, Alisports, A sports division owned by E-commerce giant Alibaba, inked a deal with international Rugby's governing body to promote the sport across China. Additionally, Alibaba owns famous Chinese football club Guangzhou Evergrande, which is the most successful club in China's football history.

Tagswanda group, Dalian Wanda Group, wang jianlin, International Basketball Federation, China Baskteball