Business / Companies

Chinese retail giant Sunning to announce Inter Milan deal next week: report

(Xinhua) Updated: 2016-06-05 17:51

BEIJING - Chinese retail giants Suning Commerce Group Co Ltd is expected to announce its deal with Italian soccer club Inter Milan next week, according to Chinese Football Association (CFA) head Cai Zhenhua.

"Suning and Inter Milan will announce their cooperation at a press conference on June 6," Chinese news portal quoted Cai as saying on Sunday.

Sunning is reported to have purchased 68.5 percent stake in the Italian powerhouse.

As far Cai is concerned, Suning's investment in the 2010 European champions is of significance amid the country's push to boost its competence in the sport.

"I think this cooperation is very important because Sunning set up a bridge between China and one of the most renowned clubs in Italy," said Cai.

"It is hard for me to predict what will happen after the purchase, but I would like to see more cooperation. I am really looking forward to it."

Sunning, one of the largest Chinese electronics retailers, already splashed millions of dollars on its Chinese Super League team which boasts stars like Brazil's Alex Teixeira and former Chelsea midfielder Ramires.

The Jiangsu-based company, which owns Chinese online content platform PPTV, has also expanded its presence in the sport by forging ties with Spanish champions FC Barcelona and England's Liverpool FC.

As Sunning's deal for Inter is nearly settled, remors say that Inter's crosstown rivals AC Milan is also in talks with potential investors from China.

Reports said several Chinese companies including Kweichow Moutai, China's leading liquor producer, will combine to make an offer to buy 70 percent stake in AC Milan.

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