China Railway denies to investing Inter Milan (morningwhistle.com)

3 August 2012 9 h 50 min Comments Off

August 2, a bombshell spread throughout the football world and global markets. A consortium of Chinese investors will buy a minority stake in the top Italian football club, becoming its second biggest shareholder, according to a statement posted on Inter Milan’s website.

It is widely believed that the investor, who would pay 55 million euros ($67 million) for a 15 percent stake in Inter Milan, was China Railway Construction Corp Limited (601186.SH), one of the world’s largest construction firms.

The rumor was untrue, according to an announcement released by China Railway. Meng Fengzhao, chairman of the Chinese giant, reiterated this point to the 21st Century Business Herald Thursday.

“Our group, corporation and its subsidiaries did not participate in the acquisition, since we are not familiar with the field of sports,” said Yu qingxi, board secretary of China Railway.

On the other hand, Yu confirmed that the company has reached an agreement with Inter to build a new stadium which will be completed by 2017. According to the report, investments to unfamiliar fields will lead to irreversible consequences for the company, since it not doing well in expanding business overseas, an executive of China Railway’s subsidiary said.

Investors from the Chinese mainland have been pursuing stakes in foreign sports teams, but with little success previously, the China Daily said. The Los Angeles Times reported last year that the Dodgers had received a $1.2 billion offer to buy the city’s troubled Major League Baseball team, funded, in part, by Chinese investors. Chinese investors launched an attempt to buy the Cleveland Cavaliers basketball team in 2009, Thomson Reuters data showed, and in 2010, news reports said investors from China bid for the Liverpool football club. In 2009, Hong Kong businessman Carson Yeung bought English soccer club Birmingham City.

Source: morningwhistle.com (02/08/2012)

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