TEMPO.CO, Jakarta - Inter Milan officially announced the acquisition of its majority shares by Chinese retailer, Suning Holding Group, from club president Erick Thohir. The Seria A giant made the announcement Monday, June 6, 2016, through its official website.
Suning Group purchased 70 percent stake in the club from Indonesian tycoon Erick Thohir, who was named Inter's president and became the club's majority shareholder in 2013.
"Suning Holding Groups will be the majority shareholder in Inter Milan, one of Europe's leading football clubs since it was founded in 908. The International Sports Capital (ISC) will be the club's minority shareholder and Erick Thohir remains as Inter's president," the official announcement says.
Suning chairman Zhang Jidong said the deal is an important moment for China's growing football market.
"Ours is an international business and our brand will soon be big in Europe, too. Now we have an alliance with an international and European top club. Football is growing at an incredible rate in China and the acquisition of Inter is a strategic move," Zhang said.
A number of media reports said that Suning bought 69 percent of Inter Milan's shares. The ISC—along with Erick Thohir, which initially had 70 percent stake, now only has 31 percent. Honorary president Massimo Moratti is also reported to have sold his entire stake in Inter.
With that, Moratti, who ran the club from 1995 to 2013, is expected to no longer have any involvement in Inter's management.
SOCCERWAY | NURDIN