Suning officially announces takeover of Inter Milan

A security guard keeps watch before a news conference with Chinese retailer Suning and Italy's Inter Milan in Nanjing, Jiangsu Province, China June 6, 2016.[Photo/Agencies]

China's retail giant Suning Commerce Group has announced the takeover of the top European football club, Inter Milan, at a news conference held in the Italian city on Tuesday.

Suning's subsidiary, Suning Sports Group, signed the deal worth 270 million euros ($306 million) in Nanjing, Jiangsu province, on June 6, sealing the acquisition of a 68.55 percent stake from Inter Milan's majority shareholder International Sports Capital.

It's the highest profile takeover so far of a European team by a Chinese firm.

Zhang Jindong, chairman of Suning Holdings Group, said with the aspirations of Massimo Moratti, Suning's sustained investment, and the hard-work of the management team, the club will regain its glory.

A general meeting of stockholders and the new board was held on the same day, with five new members from Suning included on the board. Erick Thohir remains as the president of Inter Milan club.