Zhang Jindong could lose control of the ownership of Inter, as Alibaba Group Holding and the Jiangsu provincial government are on the verge of buying a stake in Suning.
Suning has been in trouble during the COVID-19 pandemic and then the Chinese government’s interest in the world of football as an investment for Chinese companies waned.
Suning had to comply with the provisions coming from Beijing and the impact of the coronavirus pandemic affected their position.
Bloomberg reports Suning could make an announcement already this week, as Alibaba Group Holding and the Jiangsu provincial government are close to reaching a deal that could influence the ownership of the Nerazzurri.
The report claims Zhang will no longer have control of Suning after the deal, which would raise questions over the future of the Zhang family at the helm of Inter.
However, Bloomberg reveals the negotiations between Suning and Alibaba are ongoing ‘and a deal could still be delayed or fall apart’.
Bloomberg: A consortium led by Alibaba Group and the Jiangsu provincial government are nearing a deal to buy a stake in the retail arm of Chinese billionaire Zhang Jindong’s Suning empire, according to people familiar with the matterhttps://t.co/nLb2JgUvPo
— Vincent Lee (@Rover829) June 29, 2021