Inter owners Suning could be in for a very heavy financial hit, as Chinese giants Evergrande have defaulted and are expected to be declared bankrupt tomorrow.
Bloomberg confirm China Evergrande Group defaulted on interest payments to international investors.
German market screening agency DMSA have started bankruptcy proceedings, calling on all bond investors to join, so the real estate developers will likely be declared bankrupt tomorrow.
Evergrande already missed several deadlines and extensions on the interest payments before defaulting yet again.
This is very bad news for Inter, because their owners Suning had €2.6 billion worth of shares in Evergrande Real Estate.
There had already been serious liquidity issues at Suning and this will be a further blow to their portfolio.
According to the Bloomberg Billionaires Index, Suning and Inter owner Zhang Jindong has lost $2 billion this year, circa half his fortune.
It will again raise questions on the future of Inter and their plans to sell the club, especially with PIF interested, the Saudi investment fund that has already purchased Newcastle United.
Cash-strapped Chinese property group China Evergrande Group teetered on brink of default again, after it failed make some payments due to bondholders at close of Asia business on Wednesday. Read more https://t.co/bq1BK2FvGK pic.twitter.com/fkaYeNxNhG
— Reuters Business (@ReutersBiz) November 10, 2021
hope that title was worth it
Greed, man.
From chinese owners to saudi owners…………………can it get any worse
All will be good. Marotta is making the club more financially astute and actually having oil barons might be the best way to go. Look at City, Paris and Chelsea. Unlike my club Juventus who are only selling sleep football and cannot take out the bottom feeders on mammoth wages.
RIP Inter.
Hardly knew you.
@dangerboy, but the SUPER LEAGUE!
@Vero Rossonero I have never been that keen on Super League but if it is the only way for Juventus to win in Europe then I am all for it. I am envious of the 7 CL titles Milan have won compared to our measly 2. The biggest concern I have is not being able to defeat Ajax, Lyon and Porto. Could you imagine if we had to play Bayern Munich and Liverpool on a weekly basis. We might end up regretting it and be bottom of the table.
This is not good news for anyone , especially Inter . Evergrande have an enormous amount of debt ,quite a bit of it held offshore. Inter will need run for cover if Suning starts to bleed over this.
First the virus and now bankruptcy. Poor Inter.
Let’s be honest about things. Inter really should give up being in the business of football. Innnit a shame that things are always conspired against us. It’s almost as if we suck.
Hey Solo Inter,
Just had a great idea. To raise more funds we should sell tea and crumpets on Inter matchdays (aka loss days)
Innnnniiiitttt a great idear?
Excellent idear!
Hello dangerboy how many NFL teams are you supporting now? I bet you are not a Jets fan. You are a sad little boy denying your motherland. Be proud after all your boy Brandon keeps saying America is back. You should also build back dumber and focus on soccer. Ha ha ha init mate alright geezer. It is “INIT” but I guess by US standards 2+2 = 5. Better brush up on you CRT and maths is waycist. You must think I am from Hackney. That is in East London by the way just to help you with your Geography. Not all British people speak like that but your brethren seem to believe that we must all speak the Queen’s English and are Caucasian.
Seems like I struck a nerve, LMAO.
Innnnnniiiiiiitttttt late? Go to bed, loser. Solo (Inter), of course. Don’t forget to brush your tooth.
May you have pleasant dreams of owning your own stadium, lol
dangerboy what is an idear? Come on brush up on your grammar son. Oh dear you are sounding like Sleepy Joe.
Juventus: owns their own stadium.
Supe Duper inter Outer Solo Milan not Milano: don’t.
Innnniiiiittttttt Pathetic bruv?
It is ok as you are probably bruised from watching Fury batter little Deontay yet again init geezer
Moron, bash the USA to your hearts content. I’m not American.
Also, who’s Brandon? Your imaginary friend?
Alright, lemme try it again: Innnnnnniiiiiiiitttttttttt.
Tea and crumpets for all!!!!
Oh did some Brit (innit) beat an American in boxing and I’m supposed to, innnniiiittttttt, go off on a fit of rage?
Sorry. Try harder.
PS: Innnniiiitttttt.
PPS: Tea and scones for all!
Tsk. What a pathetic attempt by sad Allegri hater a.k.a LORD ALLEGRI PATRON SAINT OF SLOWBALL to make me look like a fool. Listen up, you moron. Get a life! I pity you and your wicked intention.
Serie A needs a super club. PIF can make that true with Inter. This will force Suning’s hands and if it finally push them to sell then it’s actually a good news for Inter. The rest of Serie A can say goodbye to Scudetto for the next 10 years though.
Chinese liars in investment as usual
Oi @Vieri! Why would PIF want to buy Inter? It’s full of debt and misery. All Inter fans are simply deluded because it’s crystal clear my Milan will win scudetto for the next 10 years! Only idiots who can’t see that future.
I am going to bed now I just wet myself. Good night EL CID
Seems they didn’t default, at least not yet. When I saw this article yesterday I looked online for news about it, and the most recent news was that they actually did make the payments, late, so default averted. For now.
No problem dangerboy. FYI this website is a UK one not actually Italian. If you want check out ESPN or Paramount Plus for your soccer news. The Lazio game is not for another week and you are wetting yourself already? I told you get the military grade ones that I carry.
@dangerboy ask almost any inter supporter and they’ll tell you they actually want Suning to leave inter as soon as possible as they have no future. It’s crazy to think that even after inter selling their best players they are still competitive and probably one of a few teams in italy that plays attacking football. All of that while having Dzeko who was supposed to be Lukaku backup. Imagine if Inter actually have a proper transfer market with new owners with Marotta running things. At the end of the day the only club in Italy that actually have any hope to become as competitive to the likes of Man City and PSG is Inter. Again any news that pushes Suning away from Inter is good news because any potential buyer(including PIF who I personally don’t like) will see Inter as the perfect club post Covid with stadium plans and having a foundation with decent players, coach and management.
Innit Inter
Grande Moratti. Look at the mess you made.
How many freaking owners does it take Inter to just pass the Champion’s League Group stage ? In the last decade there has been 3 owners, and they set the Italian record as the only italian team to fail to pass the Champions League Group stage 3 years in a row…..with the 4th owner in less than 10 years looming does it mean that inter will break the Italian record as the only italian team to fail to pass the Champions League Group stage 3 years in a row and become the only italian team to fail to pass the Champions League Group stage 4 years in a row ??
Why are you so rattled Chris? PIF wanting to buy Inter isn’t new development. They’re so rich that the debts won’t matter outside of the final price that they’d buy from Suning. They aren’t going to buy Milan and Juventus isn’t for sale. Inter is one of the few huge clubs left in Europe that is in a position to sell. You sound like you’re trying to cope so hard but realistically it’d be difficult for Serie A clubs to compete once PIF money start pouring in. I mean come on, Milan can’t even beat Porto.
Branca sounds like a broken record honestly. The only Italian club that can hold their head high in Champions League is Atalanta and I bet this Branca guy doesn’t even support them. I’m not sure if I wanna brag about CL if my team got shamed by the likes of Porto or Lyon.
When your team has 7 CL wins on its sleeve you can talk about CL, until then focus on your debt repayments
If you’re satisfied with past glories then so be it Mike. A truly great club will constantly challenge themselves to do better instead of bragging about something they did decades ago. I will never understand the mindset that it’s okay to miss Champions League for years and then be satisfied to sit at the bottom of the group after losing to Porto while bragging about past glories. Like, does that suppose to change the fact that you’re currently terrible in Europe?
A mighty history won’t prevent your club from becoming a tin pot, just ask former European champions Aston Villa and Nottingham Forest. If that’s the level that Milan‘s fans aspire for then who am I to judge?