Football and the big news off the field as Chinese retail giant Suning has bought a majority stake in Italian Serie A club Inter Milan. Suning already Jiangsu of the CSL and hopes this latest transaction will boost the level of the domestic game by tapping into Italy's extensive football expertise.
The announcement was made by company Chairman Zhang Jindong at a glitzy news conference in the eastern city of Nanjing, where Suning is based. The Chinese side has agreed to buy nearly 68-point-five-five percent controlling stake of Serie A side, and will pay 280-million euros for the majority stake as part of an overall 750-million euro deal. Suning are taking on 230-million Euros of debt, and are also taking on a 100-million euro loan from Erick Thohir, the President of Inter.
The deal leaves International Sports Capital as the sole minority shareholder at Inter Milan, with Thohir retaining his position as president but at reduced stake of 31-percent. Internazionale Holding will give up its share and former President Massimo Moratti will sell off his entire stake of just under 30% and will leave the club, ending a direct association dating back to 1995 when he became president.