Inter Milan sells majority stake to Chinese retailer for £213 million

China has tightened its grip on European football after one its biggest retailers bought a near-70% stake in Inter Milan for €270 million (£213 million).

Appliance maker Suning Holdings, which is 20%-owned by e-commerce giant Alibaba, has snapped up a 30% stake from the Italian giants’ former president Massimo Moratti and a 40% stake from current president Erick Thohir, who is holding onto 31%.

The deal will help Inter, managed by former Manchester City coach Roberto Mancini, cash in on their 130 million fans in China, from where millions of pounds have been flooding into European football recently.

Last year, a Chinese consortium paid £265 million for a 13% stake in Man City at a £2 billion valuation and Dalian Wanda bought a 20% stake in Spanish club Atlético Madrid for €45 million.

Suning also controls Chinese club Jiangsu Suning, which earlier this year bought Ramires from Chelsea for £25 million and Alex Teixeira from Ukraine club Shakhtar Donetsk for £40 million.