Chinese firm completes Inter Milan takeover
Mon 6th Jun 2016 | Clubs Ownership
F.C. Internazionale Milano (Inter Milan) and Suning Holdings Group today announce the signing of a strategic partnership. Suning Holdings Group will acquire a majority stake in Inter Milan.
International Sports Capital will become the sole minority shareholder in the Club and Erick Thohir retains his position as President of Inter.
Internazionale Holding will cease to be a shareholder and former President, Massimo Moratti, will exit the Club after many years of success winning prestigious silverware including the “Triplete” in 2010.
Inter President, Erick Thohir, commenting on the acquisition, said: “This new partnership with Suning Holdings Group is a game changer for Inter Milan. Over the past two and a half years we have been building on the existing solid base at the Club and this new partnership will enable us to take the next step in the project and return Inter Milan to its rightful place in world club football.
“The popularity of the game, particularly in Asia and China, is going through a period of massive growth. This agreement with Suning Holdings Group will allow us to get much closer to our huge fan base in China and the Asia Pacific region. We are looking forward to a hugely successful partnership together.”
Suning Holdings Group will continue to support the global business strategy of Erick Thohir and his senior management team in order to make Inter Milan even stronger and more competitive, both on and off the pitch, by investing in the core business and expanding the brand’s geographic reach, notably in China and Asia. The partnership represents a ground breaking level of investment in Italian football and will allow Inter Milan to re-establish itself among the top ten clubs in football targeting consistent qualification for European Club competitions.
Chairman of Suning Holdings Group, Mr Zhang Jindong, said: “The acquisition of Inter Milan is part of Suning’s strategy in the development of the sports industry and driving our campaign in the health and lifestyle consumer market. This will not only improve Jiangsu Suning F.C.’s technical set-up and operational capabilities, but will also help Suning to grow internationally, enabling us to become a household brand name in Europe and across the world.”
With regards to the future development of Inter Milan, Mr Zhang stated: “This is an unprecedented opportunity for Inter Milan to grow further in China, and China will become the second home of Inter Milan. In addition, Suning’s capital investment and abundant resources will enable Inter Milan to return to its glory days and become a stronger property able to attract top stars from across the globe."
Image: Action Images / Alex Morton
Posted by: Kev Howland
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