China’s billionaire Jindong Zhang buys Inter Milan

6/27/2016 6:25:19 AM

After well-known international hotels in the US and London, as well as legendary prime real estate in several countries in Europe, Inter Milan – one of the continent’s well-known icons of football – has been sold to Suning Commerce Group, a Chinese investor.

Suning Commerce Group, a retail chain store selling household appliances and electronic products, has purchased 70% of Inter Milan football club. The group is owned by Chinese billionaire Jindong Zhang. Former ‘Internazionale’ owner Erick Thohir sold 40% of his 70% majority. Ex-Inter president Massimo Moratti sold his 30% stake.

China’s President Xi’s wants to get 50 million children to play football. His strategy is to 20,000 football training centres and 70,000 pitches by 2020, improving domestic talent, and national team aspirations for the World Cup. According to a Forbes’ report, Xi is also “relying on investment into the CSL by oligarchical owners, as dutiful diligence to China, to acquire the best managers or former players to manage CSL club teams.”

Further reading on forbes.com

Image by Johnny Vulkan, via Wikimedia Commons

 

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