Italian football club Inter Milan said Wednesday that they have reached an agreement with China Railway Construction Corp. to sell a 15 percent stake.
China Railway Construction would pay $600 million for a 15 percent stake in the club, Caixin reported on its website on Thursday.
Inter owner and oil tycoon Massimo Moratti told SKY Sport 24 that he was “extremely pleased about this deal.”
Starting October, three representatives of Chinese investors will join Inter’s board of directors, including Kamchi Li, assistant president of China Railway 15th Bureau Group, Kenneth Huang, the head of Chinese sports investment company QSL, and Fabrizio Rindi, an Italian fiduciary for CRCC.
In a statement Internazionale Holding, the parent company, said the group would acquire a stake but that the Moratti family would retain control.
The China Railway 15th Bureau Group, controlled by the China Railway Construction Corporation, will put their engineering skills and investment into a new stadium in Milan, as well as helping spread the brand in Asia.
“I’d had the idea about a new stadium for some time, and now it can be realised,” Moratti said.
The investors and Serie A club will together construct the new proprietary stadium, which is expected to be completed by 2017, the statement said.
Company officials could not be immediately reached for comment.
China Railway Construction shares were down about 2 percent at 0540 GMT.
Internazionale Holding S.r.l. and F.C. Internazionale S.p.A. have been assisted by Four Partners Advisory SIM S.p.A. and Lazard & Co. S.r.l. as financial advisers and by Cleary Gottlieb Steen & Hamilton LLP as legal adviser.