Ownership & Leadership Change At Suning.Com Has No Effect On Inter, Italian Media Report

Ownership & Leadership Change At Suning.Com Has No Effect On Inter, Italian Media Report
July 30, 2021 13:45
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Major changes are afoot in the board of Suning.com, parent company of Inter owners Suning, but the Nerazzurri will not be affected.

This according to today’s print edition of Rome-based newspaper Corriere dello Sport, who report that the directives will still be the same with respect to how the club are run for the immediate future.

The debt and liquidity crises at Suning.com have come to a head recently, with founder Zhang Jindong forced out as president after being forced to sell shares in the company by the Chinese government.

He is replaced by Huang Mingduan, supported in his bid for the presidency by shares held by Alibaba owner Jack Ma, and who is already the new president of a strategic committee of Suning Tesco.

Steven Zhang, who is also Inter president, will remain as an independent director on Suning.com’s board, with the Zhang family still holding the majority of shares in the company.

This change constitutes significant upheaval for Suning at the corporate level, but as with many of the recent developments with the company, will not have any bearing on the company’s, or the Zhang family’s, running of Inter.

The Nerazzurri are still pursuing strict financial targets in the summer and onwards as they look to reduce their debt burden and stabilize their financial situation with the aid of a large loan from American fund Oaktree Capital.

By Toni Weeler

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