A Chinese retail giant has agreed to buy nearly a 70% controlling stake of Serie A side Inter Milan.

Suning Commerce Group Co Ltd will pay 270m euros (£212m), which makes it the highest-profile takeover of a European team by a Chinese firm.

Inter president Erick Thohir will cut his stake in the club to nearly 31% and become the sole minority shareholder.

Former Inter president Massimo Moratti will sell off his entire stake of just under 30% and will leave the club.