Italian journalist Marco Bellinazzo explains the nature of the problems facing Inter Milan owners Suning in China.
In recent days, an Italian court ruled against club president Steven Zhang. It confirmed a tribunal ruling in Hong Kong that the Nerazzurri patron must pay creditors 255 million dollars.
The creditor in question is the Chinese Construction Bank Asia (CCBA). They are seeking unpaid debts from Inter’s President.
Nevertheless, Bellinazzo believes that political conflicts are behind Suning’s legal troubles on Chinese soil.
“The issue is more political than judicial,” claims the Italian journalist in an interview with Il Sole 24 via FcInterNews.
“The China Construction Bank knows it cannot recover that sum of money in Italy, but it wants to send a political signal.
“Meanwhile, Zhang’s stay in Nanjing highlights the difficulties he’s facing with the Chinese government to which Suning has done many favors.
“This is because part of the company’s financial problems derive from loan obligations which have caused damage.
“These problems are also contributing to the economic problems we are currently seeing at Inter.”
Marco Bellinazzo Believes Inter Milan Owners Suning Are Facing Political Problems In China
Nevertheless, Bellinazzo believes Zhang will keep fighting to maintain at the club’s helm.
“Zhang will try not to lose a company in which 700 million have been invested, thus avoiding a capital loss.”
Suning are simultaneously facing the risk of losing control over the club if they fail to find an agreement with Oaktree Capital.
The American-based company loaned the Chinese group 275 million euros in 2021 to cover the club’s operational costs.
Suning must repay the amount in addition to the interest rate by the 20th of May 2024.
They are currently trying to reach an agreement with Oaktree to push back the deadline to avoid a default.
