Inter are more likely to change owners due to Suning’s decision to sell control of their own company, according to a report in the Italian media today.
As per Corriere dello Sport’s print edition, Suning are planning to sell off shares of up to 25% in Suning.com in a bid to raise immediate funds to battle their ongoing economic woes.
This would leave Zhang Jindong and his family with only a 15-20% stake in the group, meaning they would no longer be in control of Suning.com, with the rest of the shares scattered among other investors on the Chinese market.
Suning’s move comes following Zhang’s announcement last week that the Chinese conglomerate would be cutting back all operations deemed ‘not relevant’ or ‘essential’ to their core retail business.
Inter are not classed as one of those essential businesses, the Rome-based paper claimed, meaning it is more than likely the Nerazzurri could be one of the next assets that Suning look to sell.
BC Partners remain in pole position in the event of a sale, having completed due diligence on Inter’s accounts last month.
Suning previously deemed the British private equity fund’s offer of €750 million to be too low, but CdS said everything now pointed to the Zhang family wanting to sell the club quickly, suggesting they could now re-evaluate the proposal.
In any case, the report did not exclude other scenarios at Inter, such as the arrival on the scene of a buyer with good political connections in China.
Inter president Steven Zhang is still seeking a loan of €100-150 million to cover the club’s short-term costs, with Bain Capital thought to be the main candidate for such an arrangement.