Chinese retail giant Suning Commerce Group has bought a nearly 70 percent stake in Italian soccer giant Inter Milan for an estimated 270 million euros ($307 million). This is the most high-profile takeover of a European football club by a Chinese company till date.    

Suning announced the deal on Monday in a joint press conference that was attended by Inter Milan owner and President Erick Thohir and a host of other Inter Milan executives.       

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Suning allegedly acquired a 68.55 percent stake in the Italian club. As a result, the club owner Thohir will slash his stake in Inter to 31 percent while former president Massimo Moratti will part away with his entire stake in the club.

Inter Milan in its official statement has announced that Thohir will continue as the club's president after becoming a minority shareholder.

Inter's acquisition is the second big acquisition by Suning Group in football. The company already owns Chinese football club Jiangsu Suning F.C, which is based in the eastern city of Nanjing.

Last month, there were reports that a leading Chinese conglomerate is on the verge of taking over A/C Milan, Inter Milan's city rival. Chinese billionaire and Alibaba founder Jack Ma was linked with the alleged A/C Milan takeover. However, there is yet no confirmation on this deal.

Chinese companies and investors have been on a spending spree to acquire stakes in renowned European football clubs. Last year, Chinese billionaire Wang Jianlin acquired a 20 percent stake in Spanish club Atletico Madrid. A leading Chinese conglomerate has also bought a minority stake in English giant Manchester City.

TagsInter Milan, A/C Milan Club, Chines Football, Jiangsu Suning F.C