A Chinese retail giant has bought a near 70% stake in Inter Milan to take control of the Serie A club.
Suning Holdings Group will take majority control of the club having purchased the stake for £212 million – making it the most high-profile Chinese take over in Europe.
Inter president Erik Thohir will cut his own shares to 31%, placing him as the sole minority shareholder.
The Chinese retailer’s deal was reported on social media on Sunday night, but the company confirmed the deal at a news event on Monday morning.
Thohir – who is expected to stay on for the immediate future – was joined by vice-president Javier Zanetti at the announcement in Jiangsu, though honorary president Massimo Moratti is expected to step down from any official role.
Zhang Jidong, chairman of the Suning group, spoke of the drive to raise his brand’s profile in Europe, admitting the acquisition is a “strategic move” alongside the growing football interest in China.
“Ours is an international business and our brand will soon be big in Europe, too. Now we have an alliance with an international and European top club,” he told the press conference.
“Football is growing at an incredible rate in China and the acquisition of Inter is a strategic move.
“I’m convinced that undertaking Inter, with its glorious history, is a mission, a responsibility. I’ve become passionate about Inter, being part of the club is a huge responsibility. I thank Thohir for choosing us.”
The investment further compounds the growing football market in China, with the development of their own league now being extended with deals for major European clubs.
According to Goal, AC Milan could conclude a deal to sell a majority stake to another Chinese consortium, with president Silvio Berlusconi coming close to an agreement.
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