Nanjing: Chinese electronic retailing giant Suning is buying a majority stake in top-flight Italian football club Inter Milan, the latest entry into the global sports market by cash-rich Chinese firms.
The announcement was made by company Chairman Zhang Jindong on Monday at a glitzy news conference in the eastern city of Nanjing where Suning is based.
Suning already owns the Jiangsu Suning club in the Chinese Super League and hopes to leverage Italy's much venerated football expertise to boost the level of the domestic game.
The deal leaves International Sports Capital as the sole minority shareholder in the club with Erick Thohir retaining his position as president.
Details of the sale were not provided, although Chinese news reports said Suning was buying about 70 per cent of the club's equity.
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