Sports: China’s Suning takes majority stake in Inter Milan
China’s retail giant Suning Group has owned a 70 percent stake in Italian football club Inter Milan, a deal worth 270 million euros, it announced here on Monday.
Suning Sports, a newly established company under Suning Group, has become the biggest shareholder of Inter Milan by acquiring 70 percent shares of the Italian club, the club announced in a press conference. “Partnering up with Inter Milan, a club with a long history and great results, is not only an honor, but also a great responsibility, a mission too, for Suning,” said Zhang Jindong, president of Suning Group. “Suning has been taking a bigger role in the Chinese sports industry, which is set to be the country’s leading industry in five years.” Read more