Inter have announced a change to their ownership structure as they battle their ongoing financial problems.
The Nerazzurri confirmed today via their media company, Inter Media and Communication, that Grand Tower would become their new ‘direct majority shareholder’ under Suning.
The revamp shouldn’t have any direct consequences on Inter’s day-to-day running, but it confirms the club are having to find new creative solutions to combat their economic woes after Antonio Conte’s departure.
“Our direct majority shareholder Grand Tower S.à r.l. (“Grand Tower”) is a new entity created in the context of the financing plan closed at shareholder level on 20th May 2021,” Inter revealed in a financial statement.
“It is fully owned by another new entity Grand Sunshine S.à r.l. which is fully owned by Great Horizon S.à r.l. (“Great Horizon”).
“Great Horizon is part of the Suning Holdings Group Co., Ltd. (“Suning”), a Chinese corporate group with businesses in a variety of sectors. ISC is owned by LionRock Capital (“LionRock”), an experienced private equity investor based in Hong Kong.”
Elsewhere in the statement, Inter also confirmed Oaktree Capital had provided a €50 million cash injection last week in order to boost the club’s finances.
Suning secured a €275 million financing deal from the US-based private equity firm and that will help them pay player salaries and transfer installments to other clubs.
Inter also assured supporters they were in talks with ‘a number of potential partners’ to replace Pirelli as their main shirt sponsor for next season.
