Chinese investors buy majority stake in Inter Milan
Appliance retailer Suning Commerce Group have taken over 70% of the top Italian club
- Move represents the newest foray from a Chinese company into a top European team
- Suning have been active in domestic Chinese football this year, Jiangsu Suning FC having made big-money signings
Chinese appliance retailer Suning Commerce Group has agreed to pay 270 million euros for a 70 percent stake in Italian football giants Inter Milan.
In a press conference with Suning chairman Zhang Jindong and club president Eric Thorir, Jindong said that the appeal of the Milan club was partly down to them being the first team to visit China 38 years ago.
"Our goal is to make Internazional Milano more internazionale," Mr. Zhang said.
"Our goal is to make Internazional Milano more internazionale,"
Chinese football is already heavily influenced by Suning, as the Jiangsu Suning Football club has made a couple of major signings this year already. Brazilian former Chelsea midfielder Ramires signed for 22 million pounds and Alex Texeira, previously playing with Shakhtar Donetsk, arrived for 39 million pounds in January.
They also signed a three year sponsorship deal with FC Barcelona in 2014.
"From this day forward, as we add our Chinese elements to the team, and the team takes root in the largest football fan market, Internazionale Milano will be presented with greater opportunities than ever before,” Mr. Zhang said.
China's new president is an avid football fan and has made promises to elevate the Chinese national team to a world power by 2030, investing huge amounts of money in facilities and teams.
The sport has become increasingly popular in recent years in China, with various major European clubs organising pre-season trips to be welcomed by tens of thousands of adoring fans.
In March, Chinese billionaire Wang Jianlin's company Dalian Wanda bought a 20 percent stakle in Atletico Madrid, as well as closing a deal to sponsor the next four World Cups.
The Nerazzurri have suffered recently with results, but not long ago were a European superpower, winning the Champions League under Jose Mourinho in 2010.