Chinese appliance retailer Suning Commerce Group Co. has agreed to purchase almost 70% of the internationally acclaimed Italian soccer club Inter Milan for the price of 270 million Euros, making the firm its majority stakeholder.
The most prominent takeover of a European team by a Chinese company was announced by the Suning at a news conference on Monday which was attended by Inter Milan executives and president. Seizing control of Inter Milan which won the 2010 European Championships League is one of China’s most recent step towards building a global sports empire that ranges from soccer clubs to internet broadcasting.
Incumbent Inter Milan majority owner and president Erick Thohir stated that he will maintain his post as president and will become the only minority shareholder of the club, while former president Massimo Moratti will sell all his stakes which is just under 30% and proceed to leave the club.
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