BC Partners will not become Inter’s new owners after Suning ended talks with the British-based firm, according to an Italian media report today.
As per Gazzetta dello Sport‘s online edition, negotiations have broken down because the parties are too far apart on their valuations for Inter, a problem which has been caused in part by the fact the Nerazzurri are not listed on the stock exchange.
BC Partners completed due diligence of Inter’s accounts on Friday but their valuation was too low for Suning’s liking, and in the days since the margins for an agreement being found have not gotten any bigger.
Suning will now listen to other funds who expressed an interest in investing into Inter, such as Swedish-based EQT and American fund Arctos Sports Partners.
Due to an exclusivity agreement between Suning and BC Partners, these funds had to sit around and wait but the exclusivity period has now expired.
There has been more than one party to express an interest, with it understood that the new stadium project and the Lega Serie A’s decision to entrust the sale of TV rights to private equity funds has enticed them.
Gazzetta reported that on top of the issues regarding valuations, Suning were unimpressed with the noise BC Partners had been making via the media regarding their interest in Inter.
Club president Steven Zhang was reported by the very same source earlier this afternoon to be planning a conference call tonight with Inter’s management, to update them on proceedings, with talk that Suning could take a secured loan from BC Partners to ensure the club’s short-term financial stability.
It appears things have developed much quicker than anyone expected, though, because BC Partners are now out of the race altogether to buy into Inter.
