Freezing Of Suning Shares Won’t Affect Running Of Inter, Italian Media Report

Freezing Of Suning Shares Won’t Affect Running Of Inter, Italian Media Report
June 16, 2021 14:00
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SempreInter.com

Yesterday, it was reported that shares in Inter owner Suning’s retail business Suning.com were ordered to be frozen by a Beijing court, due to the company’s liquidity crisis and inability to repay debts.

However, today’s print edition of Rome-based newspaper Corriere dello Sport are reporting that this issue with the company will not affect Inter, as the Nerazzurri are assured income from a loan from American fund Oaktree Capital.

Suning’s financial fortunes have taken a serious hit during the COVID-19 pandemic, with revenues falling dramatically at a time when the company has required liquidity to service substantial debts taken on between 2015 and 2019 to acquire assets, of which Inter is one.

This is thought to be the underlying cause of the known financial problems at the Nerazzurri.

However, while some may have worried that the recent legal and financial blow to Suning in China, which caused the company’s shares to fall in price by 10%, would adversely affect Inter, this will not be the case.

This is because Suning have already signed a loan with Oaktree Capital which will ensure that money comes into the club to fund its continued running.

By Toni Weeler

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