Rising debts and increasing financial concern may force Suning’s hand as they negotiate the sale of Inter to BC Partners.
The Chinese retail conglomerate have been in talks with BC Partners over selling their majority stake in the Nerazzurri, owned since June 2016, and granted the British private equity fund exclusive access to accounts to complete due diligence last month.
As reported in today’s newspaper edition of Il Giornale, Suning value Inter at €1 billion, including debts, whilst BC Partners have so far only offered €750m.
However, to avoid defaulting on debts owed to Goldman Sachs after taking out two bonds amidst spiralling financial uncertainty at the club, Suning’s hand may be forced and they may find themselves with no option but to accept BC Partners’ lower offer.
Suning took the decision to defer players’ wages from July and August until this month, before finding a similar arrangement for November and December salaries to be pushed back until May.
Negotiations with BC Partners continue and have not collapsed, but Suning’s hand has become weaker as their debts grow.