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Inter Milan’s main shareholder looking for investors

Football News

firstpost.com

Inter Milan’s Chinese owners Suning are financially searching for buyers for the Italian giants at a “delicate moment” club CEO Giuseppe Marotta said on Friday.

“This is a delicate moment but these are problems that have little to do with (matters on) the pitch. We are isolating the team from problems that are over our heads and that will be resolved in the best way for the club, the fans, and the history of this club.”

Since 2010, Inter Milan has been running for the first Serie A title, but their finances have been affected not only by the coronavirus pandemic but also by the early exclusion of the club from European football.

“We are in a time of global financial contraction. The world of football is also affected. We are looking ahead right now and are hoping for a swift resolution. These are problems that are beyond us, which concern our shareholders who are responsible people and will make wise choices.”

The Suning Group, the main shareholder of the club, has been searching for buyers for many weeks. Inter Milan denied news of a potential sale at the beginning of January.

Last season, the club reported losses of more than EUR 100 million ($120 million), especially due to COVID-19.

According to the Financial Times, to ensure operations before next season, the club will initially urgently need EUR 200 million ($240 million).

The club is also reported to have held talks with the British investment fund, BC Partners, over the past few weeks, but could not reach an agreement on the overall valuation of the club.

The retail giant Suning, which acquired a majority stake in the club in June 2016, is worth more than EUR 900 million to Inter.

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