Chinese Super League giants Jiangsu Suning FC had officially taken over majority ownership of Italian Serie A squad Inter Milan and it is seen by the concerned parties as a major boost to China's holistic football development moving forward.

SB Nation reported that the Suning Holdings Group, a stakeholder of Suning Commerce Group, acquired a majority stake of 68.55 percent of Inter Milan on Tuesday, which makes them the new owners of the said Italian football club.

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Inter president Erick Thohir, representing International Sports Capital, held on to a 31.05 stake in the team while the rest of the individual shareholders possess the remaining 0.4 percent.

The takeover formally ended the Massimo Moratti period in the club's history as they now move forward to the Chinese era that "promises more revenue, new opportunities for investment and growth, and hopefully more trophies".

Rumors are out that the takeover came with an outright €142 million investment from Suning, which will allegedly be used to clear the club's debts and make them FIFA Financial Fair Play compliant once again.

Other than saving Inter from its financial problems, the Suning occupation is also seen by analysts as a major enhancement to the promotion of football in mainland China as I Nerazzurri is allegedly planning to build their own soccer school in the country.

"Suning has already agreed to build its second academy in China, because now we only have one in Italy which is one of the best in Europe," said Thohir, as per Xinhuanet. "It is interesting to build a second project in China, which hopefully can be done by March or April next year."

Thohir continued the new academy is aimed to develop the talents of local players to eventually be utilized by the China national football team and also sent as imports to different leagues around the world.

"I really believe that China has the potential with its 1.3 billion population. Suning chairman Zhang Jindong believes in the project, and this is a new era that we can take off with the new partnership," Thohir added.

TagsChina Football, Chinese Super League, Chinese Super League 2016, Jiangsu Suning FC, Inter Milan