Inter going Chinese
Chinese electronics giant Suning said it will take a majority stake in Italy's Inter Milan on Monday, making the three-time European champions the most high-profile acquisition yet by investors from China.
Suning will pay 270 million euros ($306 million) for about 70 percent of the northern Italian team, one of the biggest clubs in European football which is now entirely in foreign hands for the first time.
"Buying Inter Milan is part of Suning's overall layout in the sports industry," Suning Holdings Group chairman Zhang Jindong said at a press briefing. "It is an important part of Suning's international development."
Suning promised to inject funds to take Inter, who finished fourth in this season's Serie A, back into the top 10 of European clubs by consistently qualifying for the Champions League.
Inter have been under foreign control since 2013, when Indonesian businessman Erick Thohir took a 70 percent stake.
Under the new deal, Thohir's International Sports Capital becomes the sole minority shareholder and Thohir retains his position as club president.