Viva China Holdings, founded by Chinese gymnast-turned-entrepreneur Li Ning, has acquired control of the U.K.-based footwear brand, Clarks.

According to a filing to the Hong Kong stock exchange, Viva China Holdings has agreed to acquire 51 percent of LionRock Capital Partners QiLe Limited, the private equity firm which will own the Clarks brand, for £51 million ($62 mm).

The investment would give Viva China control of Clarks when LionRock completes its £100 million investment to re-capitalize Clarks, according to the South China Morning Post.

Viva earlier helped facilitate the acquisition of the business out of voluntary administration by funding a loan to LionRock to convert this debt into equity in Clarks. The founding Clark family would remain key shareholders in the business.

Photo courtesy Clarks