China's Suning to buy 69 percent stake in Inter Milan - source
NANJING, China (Reuters) - Chinese retail giant Suning Commerce Group Co Ltd has agreed to buy a 68.55 percent stake in Italian soccer club Inter Milan, a source familiar with the matter said on Monday.
Former Inter Milan president Massimo Moratti will sell off his entire stake in the club, which amounts to just under 30 percent, while current majority owner Erick Thohir will cut his stake to 31 percent and stay on as president, the source said.
Suning and Inter Milan are due to make an announcement in the eastern Chinese city of Nanjing on Monday, widely expected to confirm that Suning will buy a majority stake in the Italian club.
A call to the club's office in Milan was unanswered.
With President Xi Jinping an avid supporter of the game, Suning's deal to take control of the 2010 European soccer champions is the latest step in a plan to create a global sports empire stretching from soccer clubs to online broadcasting.
(Reporting by Adam Jourdan; Writing by Brenda Goh; Editing by Kenneth Maxwell)