Jingtian & Gongcheng has advised Chinese retail giant Suning on the $307 million acquisition of a 70 percent stake in Inter Milan, the first purchase by Chinese investors of a controlling stake in a major European football team.
The sellers were represented by Cleary Gottlieb Steen & Hamilton and Latham and Watkins. The Jingtian team was led by Beijing partners Hu Zhenzhen, Gao Xiang and Yao Jian. Suning also turned to Italian firm Bonelli Erede for advice on Italian law.
The sellers include an Indonesian consortium led by Erick Thohir, who is also the club’s president, which includes a 70 percent stake in the football club. He is represented by Latham & Watkins partner Timothy Hia. Following the stake sale to Suning, Thohir will retain the remaining 30 percent stake in Inter.
Meanwhile Internazionale Holding, owned by the club’s former president and Italian oil tycoon Massimo Moratti, is being advised by Cleary Milan partner Roberto Casiti. Moratti will not have any stake once the transaction is concluded.
Chinese investors already have minority stakes in England's Manchester City, Spain's Atletico Madrid and New York City FC, while smaller clubs like Spain’s Espanyol and England's Aston Villa are Chinese-owned. Inter's cross-city rival AC Milan is also in talks to sell a majority stake to a group of Chinese investors.
