UPDATE 3-China's Suning pays more than $300 million for control of Inter Milan
(Adds quote, details)
* Retailer extends drive to create global sports business
* Current owner to cut stake to 31 percent
* Suning to take a large part of club's debt-Inter CEO
By Adam Jourdan
NANJING, China, June 6 (Reuters) - Chinese electronics retailer Suning Commerce Group Co Ltd is buying nearly 70 percent of Italian soccer club Inter Milan for 270 million euros ($307 million) in the highest profile takeover of a European team by a Chinese firm.
Suning, part owned by e-commerce firm Alibaba, confirmed the deal on Monday at a joint news conference in the eastern Chinese city of Nanjing with Inter Milan executives, including current majority owner and president Erick Thohir.
With Chinese President Xi Jinping an avid soccer 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 soccer clubs to online broadcasting.
Suning, a household name in China, already owns domestic club Jiangsu Suning, currently third in the Chinese Super League, but this is its first major overseas purchase. Continua...