China’s retail giant Suning Commerce Group may announce a deal to buy a majority stake in Italy’s soccer club, Inter Milan. The group, one of China’s largest retailers, has been moving closer to buying between 60% and 70% of the soccer club.
Trader’s remarks: Such an acquisition would just be the first step of a broader strategic plan for Suning to build a global sports empire. The deal would be part of a push from Chinese companies toward the sport which has been traditionally dominated by Western teams, driven by a desire by President Xi Jinping to turn the country into a soccer powerhouse. China aims to have more than 70,000 soccer pitches by 2020 and wants its national team to be among the top-ranked in Asia by 2030, the government said earlier this year.
What to watch: Inter Milan, Manchester United, UK Premier League