Re­tail gi­ant Sun­ing buys 70% share in In­ter Milan

China Daily (Canada) - - NEWS CAPSULE -

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.

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