Suning Holdings Group Acquires Inter Milan from Indonesia's Erick Thohir
FC Internazionale Milano (or simply Inter Milan) will go into Chinese hands after Indonesian businessman Erick Thohir and former Inter President Massimo Moratti agree to sell a stake in the Italian football club to China-based electronic retailer Suning Commerce Group. Three years ago media tycoon Thohir, founder of the Mahaka Media Group, purchased a 70 percent stake in Inter Milan, a deal worth around 300 million euro. Suning Commerce Group will now acquire a controlling 68.55 percent stake in Inter. Thohir remains as president with a 31 percent stake.
Suning Holdings Group mentioned in a statement released on Monday (06/06) that it remains loyal to the current strategy and management team of the football club and support the growth of Inter in order to improve its competitiveness. At a press conference Suning Holdings Chairman Zhang Jindong said his company will inject a capital investment into the football club, which will enable the club to attract more quality players. Thohir added that Chinese ownership will make it easier for Inter Milan to penetrate the huge market of China where football has become increasingly popular.
As former Inter President Massimo Moratti sells his entire stake in Inter Milan, the football club will now be entirely in foreign hands: Suning Holdings Group (68.55 percent) and Erick Thohir's International Sports Capital (31.45 percent). Reportedly, Suning Holdings Group pays 270 million euros for the 68.55 percent stake in the Italian football club.
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