Retail giant Suning Group has acquired a 70 percent stake in Inter Milan in a deal worth more than $300 million. The Chinese firm bought the club whose majority owner was Indonesian businessmanErick Thohir, who also owns MLS’s D.C. United.
Thohir will remain as president and become the sole minority shareholder in Inter Milan. Former president Massimo Moratti willsell off his entire stake in the club.
“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 fiveyears. The ever-growing Chinese market will create space for development for Inter Milan.”