China’s Suning closes in on Inter Milan majority stake for €650m

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June 2 – Chinese retailer Suning Commerce is reportedly close to buying a 60% stake in Inter Milan, the latest foray into European football by Chinese investors.

The deal, reportedly worth around €650 million, could apparently be finalised as early as this weekend.

Headed by entrepreneur Zhang Jindong, Suning is one of China’s biggest private firms, with annual revenue topping $20 billion, and owns top-flight Chinese club Jiangsu Suning.

Acquisition of Inter Milan would add to a growing portfolio of global Chinese-owned football interests, including a stake in the group that owns Manchester City, New York City FC and most recently Aston Villa.

Inter Milan is the second Serie A club to attract Chinese interest. Last month former Italian prime minister Silvio Berlusconi said talks had started with Chinese investors to sell a majority stake in Milan’s other leading club AC Milan.

Inter is controlled by Indonesian tycoon Erick Thohir. The club finished fourth in Serie A, just missing out on a lucrative Champions League place.

The Suning Group is also reported to be interested in buying UK-based Stellar Group, one of the world’s leading football agencies which has masterminded some of the game’s biggest transfers including Welsh international Gareth Bale’s record £86 million move to Real Madrid.

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