The Chinese appliance retailer Suning Holdings Group has bought a majority share of the Italian Serie A football club Inter Milan.

Suning Group Chairman Zhang Jindong(5th, R), Inter Milan President Erick Thohir(5th, L), Inter Milan Vice President Javier Zanetti(2nd, R) and other guests raise a toast at a news conference in Nanjing, capital of east China's Jiangsu Province, June 6, 2016. China's retail giant Suning Group has owned a 70 percent stake in Italian football club Inter Milan, a deal worth 270 million euros, Suning Group announced here on Monday. (Xinhua/Li Xiang)

With the purchase of 69 % of Inter's shares, Suning is now the majority owner of the most popular Italian team in China. Indonesian businessman and current president of Inter Milan, Erick Thohir, will retain a 31% share of the club, and continue in his current role.  The new owners say they want a partnership to bring Inter back to the pinnacle of European football. Suning will provide a welcome financial injection to help manage Inter's debt and help bring in the necessary players.

The club is competing in the UEFA Europa League next season and hopes to get back to the more lucrative Champions League.