Inter Owners Suning Reassure FIGC Over Nerazzurri’s Financial Stability, Italian Media Claim

Inter Owners Suning Reassure FIGC Over Nerazzurri’s Financial Stability, Italian Media Claim
February 3, 2021 20:20
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Inter’s owners Suning have reassured the Italian Football Federation’s authorities over the Nerazzurri’s financial situation, according to an Italian media report today.

Covisoc is the FIGC body which monitors clubs’ finances in Italy and grants or denies licences for them to compete in the league each season.

Milano Finanza, as per FCInter1908.it, report that Suning have guaranteed them that they can ensure Inter’s economic stability until at least the end of 2021.

Suning have provided these guarantees amid a period of economic difficulty for the club which is suffering from a lack of liquidity, something brought on by various factors.

The Chinese conglomerate are widely reported to have been in talks with BC Partners over a potential sale and while multiple reports claim no offer has been made from the British-based firm, there are some that have stated that an offer has been made and declined.

BC Partners are not out the race yet, but other funds are coming forward and it is plausible that Goldman Sachs – the bank which is assisting Suning in their search for new investors – is now listening to other interested groups.

Swedish fund EQT, who are already active in Italy in other industries, are one of the funds linked, but there are also financial investors who specialise in the business of distressed credit, such as Pillarstone or Fortress, on the scene.

The report goes on to explain that Inter, with revenues of €372.4 million and a loss of €102.4 million, have a net negative financial position close to €400 million.

In addition to having to deal with newly imposed Chinese government restrictions in relation to exporting capital, Suning must also deal with €580 million worth of bonds which are maturing this year.

 

 

By Cammy Anderson
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