China retail giant Suning Commerce Group have announced the acquisition of a majority stake in Italy's football club Inter Milan on Monday at its headquarters in Nanjing, Inter Channel reported.
The group owned by Zhang Jindong bought 68.55 per cent of the Serie A club from Indonesian media businessman Erick, who has owned the Nerazzurri club since November 2013.
“Taking over such a glorious club is a mission for us and we thank Mr Thohir for choosing Suning Group among the many bidders,” Jindong said, recalling that Inter were the first European team to visit China 38 years ago.
“The arrival of Suning will secure a brighter future for Inter.”
Inter's value was reportedly set at between 600 million euros (680 million dollars) and 700 million euros.
Suning, who bought China's top-flight club Jiangsu Suning in December 2015, consider Inter an important step in the growth of the group both in Asia and Europe.