Date
23 October 2017
Suning's Zhang Jindong addresses a news conference in Nanjing on Monday to announce a deal for Europe's Inter Milan soccer club. Photo: Reuters
Suning's Zhang Jindong addresses a news conference in Nanjing on Monday to announce a deal for Europe's Inter Milan soccer club. Photo: Reuters

China’s Suning to buy 70% stake in Inter Milan soccer club

China’s Suning Commerce Group is acquiring 70 percent stake in European soccer club Inter Milan, in a deal worth 270 million euro (US$307 million).

Chairman Zhang Jindong described the acquisition as a significant milestone in Chinese soccer history, and called China Inter Milan’s second home, the Wall Street Journal reported.

Inter Milan, founded in 1908, has won 18 Italian Serie A league titles and three UEFA Champions League trophies.

However, it has been struggling to keep up with other top-notch soccer clubs in Europe after winning the European Champions League in 2010, the report noted.

Zhang pledged to inject capital and resources into the Italian team.

Suning will help Inter Milan dominate the game in Italy and Europe, he said, adding that the takeover will mark Suning’s official entry into the European market.

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RC

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