Chinese electronic giants ‘Suning’ has bought 70% stake in Italian football club Inter Milan for approximately €270 million, making them the majority stakeholder.
The deal, announced on June 6, will see International Sports Capital reduced as the minority shareholder in the club, while Indonesian entrepreneur Erick Thohir will retain his position as the president of Inter Milan.
“This new partnership with Suning Holdings Group is a game changer for Inter Milan. Over the past two and a half years we have been building on the existing solid base at the Club and this new partnership will enable us to take the next step in the project and return Inter Milan to its rightful place in world club football,” said Thohir.
Zhang Jindong the Chairman of ‘Suning’, has vowed to restore Internazionale Milan’s glory days once again. The purchase by the Chinese company allows the Asian powerhouse to make a mark on European football.
“We believe that Inter Milan’s super famous name in the world will definitely help us become a well-known brand for China, Europe and other countries in the world. It is an important part of Suning’s international development,” said Zhang Jindong.