China Buying 15% Stake Of Inter Milan

A Chinese construction firm is set to buy a 15% stake in Italy's premier league football club Inter Milan.

China Railway Construction's investment is worth 55m euro (£43.4m), according to Reuters news agency.

The group has plans to build a new stadium for the Milan-based football team by 2017 and is trying to find a suitable site.

The multi-million pound deal will make the investors the club's second biggest shareholder, behind the Moratti family who will retain control.

In a statement on Inter Milan's website the club confirmed an agreement had been reached as part of a drive to raise its profile in Asia.

It said: "F.C. Internazionale welcomes the new shareholders and is proud to give start to this new phase of the corporate life of the club, aimed at expanding its presence in the Asian markets to raise new resources for the enhancement of its international future development and winning perspectives."

As part of the deal three new directors will join the club's board from next October.

Internazionale confirmed Kamchi Li, Kenneth Huang and Fabrizio Rindi will represent new investors on the board.

The news follows that of Manchester United's plans to float on the New York Stock Exchange.

The Glazer family is to sell just over 10% of the British club in an initial public offering and intends to monetise it further by tapping into a huge fan base in Asia and the rest of the world through mobile devices and social media.

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