Chinese Ecommerce Giant Suning Is Going To Acquire Majority Stake in Italian Soccer Club Inter Milan

Suning Commerce Group Ltd., the Chinese retailing giant is expected to hold a press conference on June 6 announcing a deal on acquiring majority stake in Italy’s top-flight soccer club Inter Milan. F.C. Internazionale Milano, commonly referred to as Internazionale or simply Inter and colloquially known as Inter Milan or Inter Milano outside of Italy appears to be the second Serie A football club to attract Chinese investment. China intends to represent the country as a soccer force and encourages investment at home and abroad.

One of the largest private retailers in China, Suning is headquartered in Nanjing of Jiangsu province. It operates more than 1600 stores across 700 cities in Mainland China, Hong Kong and Japan. Suning.com, its ecommerce platform, is one of the top three Chinese B2C companies. Listed with Shenzen Stock Exchange in 2004, the Chinese retailer deals more than 3 million physical and service merchandise. Recording annual revenue of $20 billion, Suning has already been acknowledged as one of the largest private businesses in China.     

On the contrary, Inter Milan is a Milan, Lombardy based professional football club and has been competing in the top tier of the Italian football league since its debut in 1909. Since then, the Italian soccer club has won 30 domestic trophies that include eighteen league titles, seven Coppa Italia and five Supercoppa Italiana trophies. The club has set an all time record through winning league titles for straight five times.

The Italian soccer giant has also won Champions League trophy thrice during 1964, 1965 and in 2010. Success stories of Inter Milan also include winning in three UEFA cups, two Intercontinental Cups and one FIFA Club World Cup.    

A Suning representative informs, the Chinese retailer has planned to hold the press conference at its headquarters in Nanjing to make the announcement. A spokesperson for the Italian club has declined to make comment upon request from Bloomberg. Quoting La Repubblica newspaper, Bloomberg also informs that Suning is acquiring 60% to 70% stake in the soccer club. Value of the stake has been reported to be within €600 million (£682 million) to €700 million.

Silvio Berlusconi, the Italian Prime Minister has disclosed during last month continuing discussions with Chinese investors selling a majority stake in another top football club AC Milan. Acquisition of stakes in Inter Milan will increase Chinese soccer assets globally. Chinese investors have already acquired stake in a group owning England’s Manchester City, New York City FC and also English Club Aston Villa, according to a report published in Reuters.

Suning also owns local club Jiangsu Suning and has spent millions in hiring star soccer players like Brazil’s Alex Teixeira and former Chelsea midfielder Ramires. It also enjoys ties with Spanish champion Barcelona, England’s Liverpool and owns certain stake in Chinese online content platform PPTV. The platform broadcasts the Chinese Super League and is scheduled to air the Euro 2016 starting later this month, reports Taipei Times.  

Xi Jinping, the Chinese Premier’s ambition is to develop a domestic sports industry worth $850 billion by 2025 and Suning’s stake acquisition in Inter Milan appears in line with his goal. The Chinese President is widely acknowledged as a great soccer fan and cherishes dream to host and win the World Cup title in the near future.