Retail giant Suning buys 70% share in Inter Milan
Chinese retail giant Suning Commerce Group is paying $307 million to acquire a 70 percent stake in Italian soccer club Inter Milan, in the company’s latest foray into renowned European clubs.
Suning Sports Group, a subsidiary of the Jiangsu-based electronics retailer, made the announcement. Erick Thohir’s International Sports Capital, the former majority shareholder of Inter Milan, will retain a 30 percent stake.
Suning, one of the largest Chinese electronics retailers with annual revenues topping $20 billion, has spent millions of dollars on its Chinese Super League team, which boasts stars such as Brazil’s Alex Teixeira and former Chelsea midfielder Ramires.
Media reports suggest Inter’s cross-town rival AC Milan is also in talks with potential investors from China.