Suning Prefer Selling Inter & Making Loss To Nerazzurri Going Bankrupt, International Media Reports
Inter’s owners Suning are prepared to sell the club and record a loss if it means preventing the Nerazzurri from going bankrupt, an international news outlet reported today.
The Financial Times revealed Suning were rushing to secure an emergency injection of $200 million in capital to ease Inter’s financial problems.
They require the funds imminently in order to ensure Inter can continue operating into next season.
One source close to Suning assured the FT that they were committed to financially supporting the club through to the end of 2021.
Suning are still in talks with London-based private equity fund BC Partners over selling Inter, despite the parties’ exclusivity agreement expiring last week without a deal.
These negotiations are now thought to be crucial given the Nerazzurri’s financial predicament, but they remain distant on their valuations for Inter.
Suning believe Inter is worth €900 million whereas BC Partners value the club at just €750 million.
Goldman Sachs is advising Suning on fundraising options, as the Chinese retail giant looks to recover from posting a €102 million pre-tax loss at the end of last season.
The FT’s report went on to explain how a recent crackdown from the Chinese government on foreign outflows of capital has contributed to their problems at Inter.
Suning managed to pay off $1.5 billion in debt late last year but still have many obligations looming, such as a further $1.2 billion in bonds which are maturing this year.
As well as BC Partners, Inter have also been linked with investment from other private equity groups such as EQT from Sweden, Fortress Investment Group from the United States and Ares Management.
Suning and Inter declined to comment when approached by the Financial Times, as did BC Partners, Fortress and Ares.