Suning's Italy soccer deal to be announced soon

Chinese retail giant is reported to have bought 68.5 percent stake in Inter Milan

Chinese retail giant Suning Commerce Group is expected to announce on Monday that it has reached a deal with Italian soccer club Inter Milan, according to Chinese Football Association head Cai Zhenhua.

"Suning and Inter Milan will announce their cooperation at a news conference," Cai said on Sunday.

Sunning is reported to have purchased a 68.5 percent stake in the Italian footballing powerhouse.

As far as Cai is concerned, Suning's investment in the 2010 European champion is significant as China pushes to boost its presence in the sport.

"I think this cooperation is very important because Suning set up a bridge between China and one of the most renowned clubs in Italy," said Cai. "It is hard for me to predict what will happen after the purchase, but I would like to see more cooperation. I am really looking forward to it."

Suning, which is one of China's largest electronics retailers, has already splashed out millions of dollars on its Chinese Super League team, which boasts stars including Brazil's Alex Teixeira and former Chelsea midfielder Ramires.

The Jiangsu-based company, which owns Chinese online content platform PPTV, has also expanded its presence in the sport by forging ties with Spanish champions FC Barcelona and England's Liverpool FC.

With Suning's deal for Inter seemingly settled, rumors have been circulating about the team's crosstown rivals, AC Milan, and the fact that it is reportedly in talks with potential investors from China.

Reports said several Chinese companies, including Kweichow Moutai, China's leading liquor producer, Baidu Inc and Huawei, will combine to make an offer to buy a 70 percent stake in AC Milan.

A high-level official from Kweichow Moutai, who declined to be named, told China Daily on Sunday that the rumors of the company's involvement were untrue.

Yang Jun in Guiyang contributed to this story.