Suning Commerce Group is close to purchasing a majority stake in Italian soccer club Inter Milan, according to a Reuters report citing two sources.

Suning is now the owner of soccer clubs Jiangsu Suning and Jiangsu Ladies FC. One source said the deal with Inter Milan is expected to be completed around June 5. Another source said Suning’s final stake may be much larger than the former rumour of 20%.

Inter is currently controlled by Indonesian tycoon Erick Thohir. Its former owner is Massimo Moratti, who owns a stake of just under 30 percent. As stated by Italian newspaper Corriere della Sera, Suning is expected to buy 70% of the Italian Serie A club, which is valued at €750 million.

Meanwhile, Inter announced that they have signed Euro 2016-bound Turkish defender Caner Erkin as a free agent on a three-year contract. The club finished fourth in Serie A last season, missing out on a Champions League place.

Source: Reuters

Proofread by Sean O Diobhilin