China's retail giant Suning Group has acquired nearly 70 percent stake in Italian Serie A football club Inter Milan following a deal worth 270 million euros, the Nanjing, Jiangsu-based B2C company announced on Monday.

 Suning Group's newly established firm Suning Sports has become the biggest shareholder of the football team by acquiring 68.55 percent shares of the Italian club, the club announced in a statement on Monday.

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"Acquiring Inter Milan is part of Suning's strategy in becoming a leader in the sports industry in the coming five years. We will make Inter more internationalised." Suning Group chairman Zhang Jindong said.

"We are going to make Inter even stronger. With Suning, Inter has an even brighter future. It will be the club where the world's stars will want to play and where the best young players will emerge." Jindong added.

There will be no changes to Inter's management team, with Roberto Mancini remaining as manager and Michael Bolingbroke staying on as chief executive. Indonesian businessman Erick Thohir remains as the club's president with a reduced stake of 31 percent.

Founded in 1908, Inter Milan has won 18 domestic titles and three UEFA Champions league trophies. The Nerazzuni currently sits on the fourth spot of the 20-team league with a record of 20 wins, 7 draws and 11 defeats.

The Shenzhen Stock Exchange-listed Chinese company has posted more than 300 billion yuan (45.6 billion U.S dollars) in its revenues for the year 2015 and is one of the top retail companies in China.

The group plunged into the sports of football when it purchased the Chinese Super League club Jiangsu Sainty last December. They named the club Jiangsu Suning FC and spent more than 100 million euros during the winter transfer window to build a star-studded squad in the highest tier of professional football in China, which includes the record-breaking 50-million-euro signing, Alex Texeira, and former Chelsea midfielder Ramires.

#Inter and #Suning shirts are swapped by vice presidents @javierzanetti and Gong Lei #InterSuning #FCIM pic.twitter.com/PGcOF1zMjb

— F.C. Internazionale (@Inter_en) June 6, 2016

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TagsSuning Group, Inter Milan, Serie A, Chinese Super League, Jiangsu Suning, Zhang Jindong