Advance confirmed they had entered into a “definitive stock purchase agreement with Wanda Sports Group Company”, which is part of the Chinese conglomerate Dalian Wanda Group.

The agreement has been reported to be around $730 million (£597 million/€665 million).

Advance, a privately owned family business, is among the largest shareholders in Charter Communications, Discovery and Reddit.

The company claims it is committed to the future of the Ironman Group, highlighting its recognised brands, athletes, employees and fans.

The agreement will also see Orkila Capital, a growth equity firm focused on media and entertainment sectors, invest into the Ironman Group.

Jesse Du Bey, Orkila managing partner, will return to the Ironman Group Board.

He previously served on the board as the former managing director at Providence Equity Partners, who had invested into Ironman in 2008.

“We are pleased to welcome The Ironman Group to the Advance family of companies,” said Janine Shelffo, chief strategy and development officer at Advance.

“The core IRONMAN Group values of endurance and perseverance resonate strongly at Advance, a one hundred year-old business that has differentiated itself through long-term focus and commitment.

“We are delighted to partner with Andrew and his executive team as they plan to resume exceptional race experiences for their passionate athletes, and to support the long-term growth of the business.

“We’re also pleased to join forces with Orkila and are grateful for the invaluable experience with The IRONMAN Group that they bring to our partnership.”

The Ironman Group counts the Ironman and Ironman 70.3 triathlons among its flagship events.

The group also runs the Rock ‘n’ Roll Marathon Series and the Epic Series of mountain biking races.

The company claims to be the largest mass participation sports platform in the world, with more than 235 events taking place in over 50 countries, across triathlon, running, trail running, cycling and mountain biking.

Over one million international athletes participate in an Ironman group race annually, it is claimed.

“Today is an important milestone for The Ironman Group," said Andrew Messick, Ironman Group chief executive.

"We are pleased with this partnership, which is a testament to Advance’s belief in the company.

“We remain confident in our future; our focus and objectives are unchanged; and we are ready to face the opportunities and challenges ahead.

“Together with Advance and Orkila, we will navigate through the turbulent and uncertain period in front of us and continue to deliver the exceptional experiences for which we’re known.

“I’m also thrilled to welcome Jesse Du Bey back to the Board of Directors of The Ironman Group.

“We thank Wanda Sports Group for its support over the past four years and are proud of what we have accomplished together.

“We look forward to continuing our work in China with Wanda Sports Group in the coming years.”

Wanda Sports Group will continue to operate Ironman events in China under an exclusive licence as part of the agreement.

The Chinese company acquired Ironman’s parent company World Triathlon Corporation in 2015.