Erick Thohir (2nd L), President of Inter Milan and Zhang Jindong (3rd L), chairman of the Suning Holdings Group attend a press conference for Suning's Acquisition of Inter Milan in Nanjing, east China's Jiangsu province on June 6, 2016. AFP / STR
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Chinese electronics retailer Suning Commerce Group Co. Ltd. is buying nearly 70 percent of Italian football club Inter Milan for 270 million euros ($307 million) in the highest profile takeover of a European team by a Chinese firm.With Chinese President Xi Jinping an avid football fan, Suning's deal to take control of Inter Milan is the latest step in its plan to create a global sports empire stretching from football clubs to online broadcasting.A person familiar with the matter told Reuters earlier that Suning would take a 68.55-percent stake in the Italian club.The club said Indonesian businessman Thohir would stay on as president and become the sole minority shareholder in Inter Milan. Former president Massimo Moratti will sell off his entire stake of just under 30 percent in the club.
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