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NANJING, East China, June 6 (Xinhua) -- China's retail giant Suning Group has owned 70 percent stake in Italian football club Inter Milan, a deal worth 270 million euros, Suning group announced here on Monday.
Suning Sports, a newly established company under Suning Group, has become the biggest shareholder of Inter Milan by acquiring approximately 70 percent shares of the Italian club.
Inter Milan is previously owned by Indonesian businessman Erick Thohir under 70 percent and Moratti family under nearly 30 percent.
Founded in 1908, the Italian club has won 18 domestic titles and three UEFA Champions league trophies.
Suning Group, based in the eastern Chinese city of Nanjing, with a total revenue of more than 300 billion yuan (45.6 billion US dollars) in 2015, is one of the top retail companies in China.
The group bought Jiangsu Sainty football club last December, kicking off their endeavor of the football business. Suning poured into more than 100 million euros during the winter transfer window to build a star-packed squad in the Chinese Super League (CSL), which includes the record-breaking 50-million-euro signing Alex Texeira and former chelsea midfielder Ramires.
