Chinese retail giant Suning Commerce Group has just announced that it has acquired an approximate 70% stake in the Italian football club Inter Milan. This deal is worth about €270 million.

Suning Sports Group, a subsidiary of the Jiangsu-based e-retailer, sealed the deal by subscribing to new shares while purchasing old ones, as revealed in today’s press briefing in Nanjing.

“Erick Thohir's International Sports Capital, the former majority shareholder of Inter Milan, will hold the remaining 30% stake,” according to a Chinadaily report.

"As far as I know, buying into the world-renowned AC Milan is our honour as well as our responsibility," said Suning Holdings Group chairman Zhang Jindong.

“This move provides a great opportunity for Chinese soccer. We hope that Chinese soccer clubs will take this chance to improve their management and skills, to revitalize the sport across the country,”stated Liu Tong, an official of the Chinese Football Association.

Proofread by Sean O Diobhilin