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Sports

China Inc swoops in on Europe's soccer royalty

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Sports

China Inc swoops in on Europe's soccer royalty

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COMING UP:China Inc swoops in on Europe's soccer royalty

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00:00:01
>> Chinese cash is changing the rules of the world's biggest sport. Buyers from the mainland shelling out around $3 billion since last December alone, snapping up Europe's soccer royalty. The latest, a 740 million euro or $825 million deal to buy Italy's AC Milan. The buyer's unknown and untested.
00:00:22
Reuters' Adam Jordan says, more important than who they are is what they bring.>> The force driving behind the AC Milan is pure and simple cold hard cash. This is a club that is one of the most storied and celebrated clubs in Europe and in the world, it's won the Italian league 18 times.
00:00:38
It's used to being at the top of the game and being able to afford and attract the best players. Now recently, it's hit upon hard times, it was at a lowly 7th position last year. It failed to qualify for the Champions League, and it's been struggling with a huge amount of debt.
00:00:53
So what the Chinese buyers bring is a injection of cash.>> The deal includes 100 million euro loan, that's nearly $112 million to bring in new players. Hopefully getting AC Milan back on top. Clubs from England's Aston Villa to France's OGC Niece also snapped up by Chinese buyers new to the game, including an electronics chain and a company that makes MSG, all helping to push a national agenda.
00:01:19
>> Now, behind this, there is a open and public rhetoric here in China that the country wants to become a global soccer superpower. And President Xi Jinping himself has been out, has been taking selfies with footballers, has been openly saying that he wants China to potentially be at a host and one day win the World Cup.
00:01:39
>> While Beijing chases it's soccer dreams, industry insiders and the buyers themselves say there's another simpler goal as well, scoring a nice fat return on investment.