Chinese buy into Inter
A group of Chinese investors is set to become Inter Milan's second biggest shareholder following the club's agreement to sell a block of shares. Inter's objective is to raise its profiles among Asian fans so as to raise new resources.
The investors including a company controlled by China Railway Corporation. They will develop a new football stadium with Internazionale Holding, the football club's parent, for completion in 2017. Inter currently shares the San Siro with rivals AC Milan.
The Moriatti family, which owns abouy two-thirds of oil refinery Saras, will retain control of the club. Estimates of the sum paid for the 15 per cent stake range from €55m to €70m which would value the club at €467m. The Chinese investors have an option to raise their stake to 33 per cent within two years.
There is a US link as Rocket Capital, an investment firm founded by Houston Rockets baseball team owner Leslie Alexander, has invested in China Railway Group. One of the new directors at Inter, Kenneth Huang, was at one time managing director of Rocket Capital.