Chinese retail company Suning Holdings Group has agreed to buy a 70% stake in Inter Milan.

The group will part with €270m (£212m) to take a controlling share of the Italian outfit, meaning that Inter president Erick Thohir will become the minority shareholder.

Thohir confirmed today that his stake will be reduced to nearly 31%, while former president Massimo Moratti will sell all of his share of just under 30%.

Suning Holdings Group chairman Zhang Jindong told reporters: "Acquiring Inter Milan is part of Suning's strategy in becoming a leader in the sports industry in the coming five years. We will make Inter more internationalised. We are going to make Inter even stronger. With Suning, Inter has an even brighter future. It will be the club where the world's stars will want to play and where the best young players will emerge."

Thohir added: "This new partnership with Suning Holdings Group is a game changer for Inter Milan. Over the past two-and-a-half years we have been building on the existing solid base at the club and this new partnership will enable us to take the next step in the project and return Inter Milan to its rightful place in world club football.

"The popularity of the game, particularly in Asia and China, is going through a period of massive growth. This agreement with Suning Holdings Group will allow us to get much closer to our huge fan base in China and the Asia Pacific region. We are looking forward to a hugely successful partnership together."

Inter are the first Serie A club to be owned by a Chinese company.