Reports in Italy suggest Saudi investment fund PIF are back in negotiations for a takeover of Inter, after Evergrande’s default put Suning in a tricky financial position.
The interest from PIF goes back to last year and another attempt seemingly crumbled over the summer due to their differences in valuation over the price of the Serie A club.
Instead, PIF completed the takeover of Premier League side Newcastle United for £305m (circa €356m), but that wasn’t the end of the situation.
According to Mediaset reporter Marco Barzaghi, PIF and Inter owners Suning resumed talks several days ago.
The reason is that Suning’s position has changed, with news Chinese real estate giant Evergrande has defaulted on outstanding debts.
Suning have a lot of their finances tied in with Evergrande and will take a big hit if they do go under.
Barzaghi claims much of what happens next will depend on tomorrow’s meeting in China, when the ruling party will decide how to proceed with rescuing Evergrande or perhaps attempting a ‘controlled implosion’ of the company to minimise the effects on the larger economy.
Suning also have a new card up their sleeve, though, as the local council in Milan gave the go-ahead to build a stadium next to the Stadio Giuseppe Meazza, which would increase the value of both Inter and AC Milan.
With that in mind, the asking price for a takeover of Inter is going to be €1 billion.