Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website
Subscribe CustomBlackClose

Belt & Road Weekly Subscription Form

download_pop

Research ReportCustomBlackClose

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

Xinhua Silk Road
CLASS

Suning Holdings, halt to extra-retail activities: concerns about Inter Milan Club

February 20, 2021


Abstract : ​This is what Zhang Jindong, the owner of Suning Holdings, explained in a video message from China. The Group needs restructuring and a viable option is the sale of some non-core activities, including the Inter Milan Club.

MILAN, Feb. 19 (Class Editori) -- Suning Holdings tightens its belt. A choice that could have repercussions for Inter Milan's future. "We have to be focused on our main battlefield, to start reducing and to redraw the battle line. We will resolutely focus on the retail sector: we will have to stop and reduce our irrelevant activities in favor of the retail industry without hesitation," Zhang Jindong, the owner of Suning Holdings, explained in a video message from China.

The Milanese team would be one of those irrelevant activities and Zhang was clear: no more investments. Great Horizon Capital Sarl, which belongs to the Suning Holdings Group, controls 68.55% of Inter Milan Club, while the remaining 31.05% is in the hands of International Sports Capital, which belongs to the Hong Kong-based private equity investor LionRock Capital. Small shareholders own minority stakes (0.4%) while a great part of them (0.37%) is owned by Pirelli, the Club’s main sponsor. As often occurs, so far Suning and BC Partners have not agreed on the value of the Club (the last 880-million worth offer was rejected), and, as reported by MF Dow Jones, there would be divergent views on contracts, sponsorships, and transactions with related parties.

The other option would be to request a new 150-200 million worth loan in order to pay 2020’s overdue debts by March 31, the deadline, and get the green light by UEFA to join the next European Championships.

The Chinese giant wants to monetize the investment in Inter Milan Club, that, up till now, costed almost 600 million. In this framework, according to rumors heard in Milanese financial circles, during last Sunday evening a wealthy entrepreneur from Northern Italy started studying the dossier looking for an alliance with Interspac, the holding led by Carlo Cottarelli. (All right reserved)

(Source:Class Editori)

Notice: No person, organization and/or company shall disseminate or broadcast the above article on Xinhua Silk Road website without prior permission by Xinhua Silk Road.

Scan the QR code and push it to your mobile phone

Keyword: Suning

Reading:

Suning.com, Haier deepen strategic cooperation

Suning to expand business in China's duty-free retail market

Yearender: mixed blessing for Chinese sports industry in year 2020

China launches measures to stimulate rural consumption potential

Beijing to issue e-vouchers to residents for Spring Festival

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial

Ask Us A Question belt & road login close

If you have any questions, please enter them in the box below.

Identifying code Reload

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to silkroadweekly@xinhua.org and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial