Saudi Arabian Sovereign Wealth Fund PIF Not Considering Inter Purchase, Italian Media Report

Saudi Arabian Sovereign Wealth Fund PIF Not Considering Inter Purchase, Italian Media Report
October 14, 2021 00:30
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Saudi Arabian sovereign wealth fund PIF is not considering purchasing Inter from Suning, as they are currently totally focused on the recently acquired Newcastle United.

This according to Italian news outlet FCInterNews, who report that the Saudi fund is committed to medium-to-long-term goals with the Premier League club, while the Nerazzurri owners Suning are still committed to continuing on in their current role.

PIF have been reported to have an interest in purchasing Inter since last year, and earlier today a report suggested that they were close to an agreement with Suning to complete the sale for €1 billion.

However, this report was later denied by Milan-based newspaper Corriere della Sera later in the day, who outlined reasons why the purchase would not be viable for the Saudi fund.

FCInterNews report that the PIF are completely focused on their objectives with Newcastle having just completed the massive deal to buy the English side, who they aim to guide to the top of the English game, with Champions League qualification and winning the Premier League their aim for the next 3-5 years.

As such, the fund are not currently considering going further and taking control of another club the size of Inter as they have other priorities.

Current Nerazzurri President Steven Zhang is set to be in Milan at the end of the month for the shareholders’ meeting, where he will extend the contracts of key club directors Beppe Marotta, Piero Ausilio, and Alessandro Antonello.

For the time being, Zhang and Suning are still focusing on running Inter as they have been doing, and are not intending to go ahead with any sale.

 

By Toni Weeler

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