Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Chinese investors buy into Inter Milan FC

02 August 2012, 14:57

 Milan - A group of Chinese investors will pay 55 million euros for a 15 percent stake in Inter Milan, becoming the second-biggest shareholder of the Italian premier league football club, sources close to the situation said.

The deal will give the 104-year-old club a new stadium to be built by China Railway Construction Corp, the main partner in the first such investment from mainland China in a major foreign sports team.

Asian sports marketing company QLS will take a token stake, one of the sources said.

"F.C. Internazionale welcomes the new shareholders," Inter said in a statement, without identifying the Chinese investors.

Inter Milan did not give any financial details of the deal. China Railway will build the new stadium by 2017, Inter said.

One of the sources familiar with the situation said the deal envisages more Asian investors eventually taking stakes in Inter Milan, even though the Moratti family will retain majority control.

"The main aim is to build a new stadium, that's what the agreement with China Railway is really about," Massimo Moratti, chairman and owner of Inter, said.

Chinese investors, encouraged by the government, have been actively pursuing overseas assets in recent years. Some high-profile purchases have included the takeover of cereal maker Weetabix by China Bright Food and an agreement by Dalian Wanda Group to buy the U.S. movie chain AMC Theatres, both in May.

Inter Milan and arch-rivals AC Milan, owned by former Italian Prime Minister Silvio Berlusconi, use the existing San Siro Stadium, which is owned by the city of Milan and has a 80,065 capacity.

A spokeswoman for Milan city council said there was no decision yet on where the new Inter Milan stadium could be built. Any decision would need to go through Italy's lengthy authorisation process.

Rival Italian club Juventus recently built their 41,000-seater stadium in Turin.

China Railway Construction has actively pursued overseas investment this year, signing two projects in Africa with a total contract value of 9.1 billion yuan. In November last year, a consortium involving the Shanghai-listed company announced a deal to develop an iron ore mine in Guinea.

Investors from the Chinese mainland have been pursuing stakes in foreign sports teams, but with little success previously.

The Los Angeles Times reported last year that the Dodgers had received a $1.2 billion offer to buy the city's troubled Major League Baseball team, funded, in part, by Chinese investors.

Chinese investors launched an attempt to buy the Cleveland Cavaliers basketball team in 2009, Thomson Reuters data showed, and in 2010, news reports said investors from China bid for the Liverpool football club.

In 2009, Hong Kong businessman Carson Yeung bought English soccer club Birmingham City.

- Reuters


Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...