A Chinese retail giant has agreed to buy almost a 70% controlling stake of Serie A side Inter Milan.
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Today’s Press conference brought together the highest directors of Inter, including President Erick Thohir and incoming new owner Zhang Jindong.
A call to the club’s office in Milan was unanswered.
The Italian newspaper La Repubblica reported that Suning was poised to take a 60 to 70 per cent stake, in a deal that would value the club at 600m-700m.
Suning’s announcement falls right in line with Chinese President Xi Jinping’s ambitious plans for the country to become a global soccer superpower.
The Nanjing-based group, one of the largest privately owned retailers in China, has bought a 68.55% controlling share in the San Siro club, with the previous owner Erick Thohir remaining president. The partnership represents a ground breaking level of investment in Italian football and will allow Inter Milan to re-establish itself among the top ten clubs in football targeting consistent qualification for European Club competitions.
“The popularity of the game, particularly in Asia and China, is going through a period of massive growth”, Thohir said, adding that Inter has 150 million fans in Asia, of whom over 100 million are in China.
Zhang Jindong, the company’s chairman, promised to restore the club to its former glory and said the deal would also boost efforts to make China a global football power – while raising Suning’s profile.
Chinese retailer Suning Holdings Group have announced they will take a majority control of Serie A giants Inter.
“I feel deeply that taking on a club such as Inter Milan with such an illustrious history and glorious tally of victories is not only an honour but also a mantle of responsibility”, Zhang said. Mr Xi is a keen football fan and wants China to one day host, and win, the World Cup.
Inter isn’t the only Milan soccer team that’s drawn Chinese interest.
Suning will also aim to end up being a leader globally in sports media and online, consisting of “developing top quality sports content” and “establishing a professional broadcast platform”, it stated in the presentation.
Suning, which has annual revenues topping US$20 billion, already has some blocks in place.
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Suning already owns the Jiangsu Suning club in the Chinese Super League and hopes to leverage Italy’s expertise to boost the level of the domestic game.
