China's Suning takes majority stake in Inter Milan

Beijing - Chinese electronics retailer Suning Monday said it will take a stake of about 70 percent of Italy's Inter Milan, in the most high-profile swoop yet by a Chinese company for a European football club.

Suning will pay €270 million for the stake, which is the latest in a string of Chinese investments in European clubs.

"The Suning Group entered the world of football less than a year ago and now we have become a partner in a glorious club such as Inter," told reporters at a press conference Monday. "It’s a huge responsibility and we thank president Thohir for having chosen us from the many potential partners.

"Becoming a leader in the sports industry is part of the Suning Group’s strategy. Over the next five years, we want to become one of the main companies driving market growth and football is a new area into which we are expanding.

"Football in China is growing exponentially, so the decision to acquire Inter is one of great strategic importance. Ours is an international business and soon our brand will grow in Europe too."