Although reports of an imminent PIF takeover of Inter have been quashed, Suning’s financial stability and the future of Inter remains very much up in the air, with a debt restructuring plan underway.
Chinese company Suning was hit hard by the pandemic and sold several assets to raise funds over the last few months.
According to Il Sole 24 Ore, the Italian version of the Financial Times, Suning are continuing to struggle and are working with one of the Government’s biggest banks, Citic, to work out a debt restructuring plan.
The situation is so bad that Inter now represent Suning’s biggest asset, and the club just announced it is running at a loss of €245m per year.
That is a new all-time record for a Serie A club’s finances.
So while Libero newspaper’s claims of intensive negotiations with PIF, the Saudi fund that recently completed the takeover of Newcastle United, have been scuppered by the Corriere della Sera, the fact remains that Suning and Inter are not out of the woods yet.
Il Sole 24 Ore sull’Inter: “Suning in crisi. Ristruttura il debito con la banca Citic” https://t.co/svBBdFFhC7
— TUTTOmercatoWEB (@TuttoMercatoWeb) October 14, 2021
Shame, dining really looked like they would pivot interest towards the Chinese market and can in on commercial opportunities.
Darn covid and Chinese currency rules