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)
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