Chinese investment in European soccer clubs is no short-term phenomenon and the opportunities it offers are "extraordinary," according to the CEO of Inter Milan, one of the latest big teams to come under Chinese ownership.
"There is definitely an environment that encourages investment in soccer now," Inter chief executive Michael Bolingbroke told the audience at the Leaders in Sport Business Summit on Wednesday.
"There is a big drive for health in China and soccer is one of the favorite sports of the president [Xi Jinping]. China needs know-how, so they can run leagues as successfully as we do, while in return the opportunities for clubs are enormous," he added.
Chinese retail firm Suning Holdings acquired a majority stake in Italy's Inter in June, making it the first Serie A club to have Chinese owners, following a series of investments and takeovers backed with a government support that encouraged wider participation in the world's most popular sport.
With a $40 billion turnover, having Suning as a partner is key to clubs making real inroads to the Chinese market, Bolingbroke said.
Previously, European soccer teams used to limit their attempts to break through the world's most populous country with an occasional friendly and replica shirt promotions. But as China's economy skyrocketed, attempts to enter the market took a more serious turn.
Inter is planning on opening an office in Nanjing, a city in eastern China with a population of eight million and the location of Suning's headquarters, and employ 12 staff, according to a report from Reuters on Wednesday.
"We needed a Chinese partner to give us access to what is a vast market," said Bolingbroke, who was instrumental in Manchester United's foray into Asia as CEO of the English Premier League club he left after joining Inter in 2014.
"They already connect with customers and they are our fans--that creates that bridge that Europeans struggle with."
Bolingbrook admitted that keeping a permanent brand presence in China was difficult but is worth the effort.
"If you get it right the prize is extraordinary--you have access to 1.3 billion people."