Deals
Suning Buys Inter Milan Controlling Stake for $306 Million
- Erick Thohir group to retain 30 percent in club after deal
- Suning’s among several Chinese groups pursuing sports deals
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A unit of retail group Suning Holdings Group Co. will acquire about 70 percent of Italian soccer club Inter Milan for 270 million euros ($306 million), a rare purchase in which a Chinese company will control a major European sports team.
Suning Sports Group will purchase existing and new shares in Inter Milan, the parent company of Shenzhen-listed Suning Commerce Group Ltd. said in a statement Monday. After the acquisition, the group headed by Indonesian businessman Erick Thohir will still retain 30 percent in the club, according to the statement. Thohir will remain as president of Inter Milan, while Italian tycoon Massimo Moratti will sell his stake to Suning, the club said in a separate statement.