Serie A: Chinese company takes over Inter Milan

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June 6th, 2016
Back Serie A: Chinese company takes over Inter Milan

A big Chinese retail company has reached an agreement to buy 69% of Serie A club Inter Milan. Suning Commerce Group Co Ltd will have to pay 220 million pounds for the majority stake, while the whole deal will reach 590 million pounds. Former Inter owner Erick Thohir will remain in charge as club president and will still own 31% of the shares.

"Suning will inject a steady stream of capital investment in Inter Milan, which will help attract more talented players," chairman Zhang Jindong said. The new owners will not bring changes to the coaching team, Roberto Mancini will stay on as head coach, while Michael Bolingbroke will keep his job as chief executive. Former Inter Milan president and owner Massimo Moratti will sell his entire stake and leave the club. Moratti had taken over the club back in 1995. Indonesian business man Thohir had taken over 70% of the club in 2013.

The deal means that Inter Milan will be entirely in foreign hands for the first time in the history of the club. The Suning company already owns Chinese Super League outfit Jiangsu Suning, a club that spent 20 million pounds on Chelsea midfielder Ramires in January. Arch rivals AC Milan are also negotiating with Chinese investors as former prime minister Silvio Berlusconi wants to sell the club after having owned it for 30 years. Inter Milan have been disappointing recently, missing out on European qualification twice in the past three years. Last season they finished fourth in the Serie A.

Inter are 16/1 at PaddyPower to win the Serie A title next season.

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