China's firm to be Inter's 2nd largest shareholder

MILAN -- A consortium of Chinese investors will become the second largest shareholder of Inter, the elite Italian soccer club's holding company Internazionale Holding Srl said Wednesday.

An agreement on the acquisition of a stake of F.C. Internazionale S.p.A, or Inter, was reached in Milan between the consortium and the Moratti family, Inter President Massimo Moratti said at the Milan headquarters of UBS AG financial services company, which assisted the negotiations of the deal along others.

Under the agreement, the Moratti family will still control the company, whose team has flied to Croatia where it will play against Hajduk Split in the third qualifying round of the UEFA Europa League on Thursday.

The two sides also agreed that China Railway 15th Bureau Group, a subsidiary of China Railway Construction Corporation --one of the world's largest construction firms-- will work with Inter toward the goal of constructing a new stadium for the club.

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.

"Inter welcomes the new shareholders as a privilege and honor," Moratti told Xinhua. "The Chinese investors will contribute to the strengthening of the club, but presently our main objective is the construction of the new Inter stadium."

He pointed out the stadium will increase the club's revenues while its fans will have their own "Inter home."

Amid the ongoing economic hardship in Italy and Europe at large, the club will try to start a new phase and raise new resources for future development, Moratti added.