Chinese firm completes Inter Milan takeover in $850 million deal
Chinese investors continue to pump their money into football, with the Suning Commerce Group finalizing the takeover of Italian giants Inter Milan on Monday.
The retail giant paid more than $300 million for a majority stake in the club, with the total payments eclipsing $850 million.
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Suning will own 68.5-percent of the club, with former owner Erick Thohir retaining a 31-percent stake while staying on as club president.
With 18 Serie A titles and three Champions League titles, Inter is one of the most decorated clubs in football. However, they have struggled over the past few seasons, failing to claim a major trophy since winning the treble in 2010 under Jose Mourinho. Inter has not qualified for the Champions League since 2012, and did not play in any European competition this past season.
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Suning is a major retail company in China who also own Super League side Jiangsu Suning, who made headlines this past January when they signed Brazilian internationals Ramires and Alex Teixeira for massive transfer fees.