Italian Journalist Francesco Bertolino: “PIF In Contact With Suning To Buy Inter But Bought Newcastle”

Italian Journalist Francesco Bertolino: “PIF In Contact With Suning To Buy Inter But Bought Newcastle”
May 19, 2022 23:00
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SempreInter.com

Italian finance journalist Francesco Bertolino has said that PIF did have contacts with Suning to buy Inter but they then brought Newcastle United instead, according to a report in the Italian media.

Speaking during an interview with Calciomercato.com, via FCInter1908, the Milano Finanza journalist explained initially how Aramco is the Saudi Arabian state oil company and that in itself is unlikely to ever buy a football club. It does indirectly though, as it creates profit to finance the activities of PIF.

“Aramco is the Saudi state oil company. I could be proven wrong, but I don’t think it will ever buy a football team, it does another job.

“Obviously, though, since it is owned by the Saudi state, its revenues partly go to finance the activities of the PIF fund.

“If I remember correctly, the PIF sovereign fund has assets of $500 billion, it is the biggest sovereign fund in the world after the Norwegian one.”

He then explained that the chances of PIF now buying Inter are very low but there was serious contact with Suning about the takeover of the club until the deal fell apart and Premier League side Newcastle United were purchased instead.

“The chances of it buying Inter, in my opinion, are very very low. In April last year there were actually contacts, even quite close, but then, due to differences over the valuation of the club and other economic issues, the deal didn’t go through and then PIF bought Newcastle. Now that he has closed that deal, he is unlikely to go and buy another team.”

There was a period of time earlier in the season where it seemed very plausible for Suning to cut their losses and sell the club but a number of actions have shown that they do not wish to walk away.

By Euan Burns

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