Italian football club Inter Milan says that a group of Chinese investors is to become its second largest shareholder.
In a statement Internazionale Holding, the parent company, said the group would acquire a stake but that the Moratti family would retain control. It also said it would build a new stadium in partnership with a unit of China Railway Construction to be completed in 2017. The Serie A club is looking to increase its presence in Asia. The location of the new stadium has not yet been decided, the statement said. The club said Kamchi Li, Kenneth Huang and Fabrizio Rindi would become members of the board of directors as a result of the investment. The financial terms of the acquisition were not disclosed. Calling it a "new phase in the life of the club", Inter said the move was "aimed at expanding its presence in the Asian markets to raise new resources for the enhancement of its international future development and winning perspectives". Inter is the latest European club to attract the attention of business tycoons from Asia. English Premier League club Queen's Park Rangers is owned by Tony Fernandes, head of the Malaysian budget airline Air Asia, after he completed a takeover last year. English Championship side Birmingham City is owned by Hong Kong billionaire Carson Yeung who took over the club in 2009, while Thailand-based Asia Football Investments owns Leicester City.
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