 "Suning buys 70% controlling stakes in Inter Milan")
China retailer Suning Commerce Group Ltd will acquire a 70 per cent of Italian soccer club Inter Milan for 270 million euros ($306 million), making the deal a rare purchase in which a Chinese company will control a major European sports team.
Suning will purchase existing and new shares in Inter Milan. After the acquisition, the group headed by Indonesian businessman Erick Thohir will still retain 30 per cent in the club, according to the statement.
"Hand-in-hand with Inter Milan, this is about Suning's development in the sports industry," said Suning commerce group chairman Zhang Jindong in a statement on Monday. "It's also a milestone event for Chinese football." The deal comes amid China's goal to build a sports industry worth ¥5 trillion ($760 billion) by 2025 as President Xi Jinping aims to turn China into a soccer powerhouse.
