The source asked not to be identified because the negotiations are confidential. A spokesman for Providence declined to comment, while representatives for Dalian Wanda and Ironman did not immediately respond to a request for comment.
Ironman is a long-distance triathlon featuring a 2.4 mile (3.86 km) swim, a 112 mile (180 km) bike ride and a 26.2 mile (42.2 km) run, all of which has to be completed in under 17 hours. Ironman hosts 180 events in more than 20 countries, including shorter races.
The first Ironman race was held in Hawaii in 1978 with 15 entrants. The idea for the race came from naval officer John Collins and his wife, Judy, who issued a challenge to see whether swimmers, bikers or runners were the toughest competitors. The World Championship, where 2,000 athletes compete, is still held in Hawaii and is televised on the NBC Sports Network.
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John Gills, a physician and Ironman participant, bought the rights to Ironman in 1989 and sold World Triathlon to Providence in 2008 for an undisclosed sum.
The company generates revenue from selling licensing for merchandise and is also paid through entry fees, sponsorship and global TV rights.
World Triathlon has annual earnings before interest, tax, depreciation and amortization of more than $50 million, sources previously told Reuters.
Dalian Wanda, known for its real estate holdings, has been expanding its media investments outside China in recent years. It bought sports marketing firm Infront Sports & Media, which is based in Switzerland, for 1.05 billion euros ($1.14 billion) in February.
Dalian Wanda's last major U.S. media investment was its $2.6 billion takeover of AMC Entertainment movie theaters in 2012.