The owner Chinese multinational conglomerate Dalian Wanda Group, Wang Jianlin, is supporting proposals to set in motion a football tournament that would rival the UEFA Champions League (UCL), the international daily newspaper Financial Times reported.

The Wanda is calling for support in Germany, Italy, Spain, France and England by promising more places in an expanded tourney and very favorable revenues from broadcasting rights, Marco Bogarelli, the strategic director of Wanda Sports Holding, told the newspaper.

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The Italian executive said talks had begun with La Liga of Spain and Serie A of Italy and that Wanda is planning to initiate discussions with Germany's Bundesliga, France's Ligue 1, and England's Premier League after the European championship, which ends on Sunday.

Wanda has said it was unable to comment on the report. The group owns a 20 percent stake in the Spanish football club,, Atletico Madrid.

Currently, clubs from Spain, England and Germany are granted four spots in the UCL,  while teams from Italy, Portugal and France are allotted three places each. Wanda's proposition would guarantee at least six places for each of the big five leagues, according to Shanghai Daily.

A soccer investment boom in China has helped raise interest in the game in the most populous country in the world.

Chinese outfits have invested in player agencies, media rights firms, and overseas clubs.

Tags UEFA Champions League, Dalian Wanda Group, Premier League, Bundesliga, La Liga, Serie A