The Dalian Wanda Group had held a 17 per cent stake in the club, which is currently second in Spain's Liga Lia, reports Xinhua news agency.
These shares will now be added to the 15 per cent the Quantum Pacific Group bought in Atletico in November 2017 to give the company owned by the Israeli magnate Idan Ofer a 32 per cent holding.
Atletico confirmed on their official website that the decision is "part of the global strategy of Dalian Wanda Group" and that it was taken by "mutual agreement."
The club adds that Wanda will remain a sponsor of Atletico Madrid and as such there will be no change to the name of the recently inaugurated Wanda Metropolitano stadium or the "project to educate and train children and young adults".
Meanwhile Atletico and Wanda maintain a "firm commitment to continue their mutual collaboration, which will be strengthened in the coming months thanks to new initiatives."
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
