Suning’s Deal To Secure Investment From Fortress Has Links To AC Milan Owners Elliott Management, Italian Media Report

Suning’s Deal To Secure Investment From Fortress Has Links To AC Milan Owners Elliott Management, Italian Media Report
March 14, 2021 13:20
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As Inter owners Suning look to secure investment from US fund Fortress, Italian media have highlighted links leading back to AC Milan owners Elliott Management Corporation.

Chinese retail conglomerate Suning are in negotiations with Fortress to secure a €250 million loan and offload a minority stake in Inter as they attempt to manage debts and increasing financial burdens.

As reported in today’s newspaper edition of Tuttosport, the ownership and investment trail of Fortress leads back to the Elliott hedge fund, who took over Milan in 2019 after former president Li Yonghong defaulted on payments to them.

Fortress fall under the ownership of the Tokyo-based Softbank group, who had previously sold shares in Alibaba, a controlling stake in Suning.

Elliott, meanwhile, invested €2.1 billion for a holding stake in Softbank, bringing them into the equation for Fortress’ investment in Inter.

Tuttosport highlighted a triangle of investment between the US, Japan and China that focused on ownership of both Milanese clubs.

By Apollo Heyes
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