The Suning Commerce Group

[CafeCordoba]

I don't have a good feeling about this BC Partners. They aren't in it for any other reason than to make money. So if they go for the minority share, what's the point?

With majority share, they will make money by cutting the costs to make it more appealing for next buyers. In a few years they sell and make the money. Just like Thohir did.

If they buy minority share, I'm not sure what would be the point then? They divide some revenue streams between the owners in some way? BC Partners handles the media side of the club and gets a slice of the revenue streams of that part of the club? I don't know.

It just sounds this won't be good for the sporting side no matter what.

[javier_zanetti <3]

If they want to make money, they need Inter to grow. Cutting salaries means a mediocre club that lose value.

[bubba zanetti]

Who da fuq are BC Partners? Banter era here we go again..

[CafeCordoba]

If they want to make money, they need Inter to grow. Cutting salaries means a mediocre club that lose value.

Yes but we need the results. We have a massive wage bill which just keeps growing every year and nothing to show for it. It's a long run for sure (to get results in football) but I have my fears about BC partners buying the club, covering the debts and then injecting more capital to the club. The latter is required because last season we made 100m€ deficit and it was a season with less than half home matches fucked over by Covid. This season will be most probably 100% of the matches fucked over by Covid so how much we will lose this season? Obvious way to fix this is to cut the costs. Of course better sponsorships is one way but it won't be enough.

Please tell me some better news/predictions. We need to win Serie A so bad this season. That will give us more exposure and pot 1 in CL and thus somewhat better chance for the knockout stage money. After this season I fear Juve is clearly ahead of us again when they go for Pogba etc.

[Palacio]

If they want to make money, they need Inter to grow. Cutting salaries means a mediocre club that lose value.

Compare the wages paid by Milan with those paid by Inter to know that higher wages alone don't necessarily make a better club. Actually if I were Sunning the first thing I'd do is to fire and sue the clowns running Inter now and reduce the wages and hire better performing players, not the higher wage earners like Vidal, Erikssen, etc.

[koba]

I don’t know why there is no arabian Billionaire interest to buy INTER. If this happens, we can dominate Serie A for many years.

[varmin]

Inter could soon have new owners with private equity fund BC Partners ready to acquire a majority stake in the club, according to a report in Italy this evening.

Sport Mediaset said talks between the British investment firm and the Nerazzurri’s owners Suning had experienced ‘a significant acceleration’ and that the club could be sold ‘very soon’.

The report references a story in Il Messaggero last week which revealed Suning owner Zhang Jindong had been persuaded to relinquish control of Inter following new tough restrictions from the Chinese government.

“The signs exist and they cannot be ignored, such as the numerous initiatives Inter have put on hold and the due diligence being undertaken by BC Partners, who are being led by Nikos Stathopoulos,” SM reported.

Suning could remain involved at Inter by taking the 31% share currently held by LionRock Capital, who joined the club two years ago when they bought the stake belonging to previous owner Erick Thohir.

Inter president Steven Zhang moved to swiftly deny reports a fortnight ago that he was beginning the search for new owners, following a story published in Corriere dello Sport.

The rumours surrounding Suning’s future at the club are refusing to disappear, though, with speculation over a full-blown sale seeming to grow only louder with each passing day.

Marotta words that the market is frozen make sense now.

[javier_zanetti <3]

I don’t know why there is no arabian Billionaire interest to buy INTER. If this happens, we can dominate Serie A for many years.

Like City, that won 4 PL titles in 11 years?

[Il Drago]

Inter’s Chief Financial Offer Tim Williams Resigns From Nerazzurri Position For ‘Personal Reasons’, Italian Media Report

Inter’s chief financial offer has resigned citing personal reasons, according to an Italian media report today.As per the print edition of business newspaper Il Sole 24 Ore, Tim Williams informed the Nerazzurri’s owners Suning of his intentions in November and recently reached an agreement with the club to return to the United Kingdom.

Inter are in the midst of talks regarding the sale of shares to British investment firm BC Partners and it remains to be seen if his departure has any impact on negotiations.

Williams previously worked for Manchester United and was one of the recruitments made by former owner Erick Thohir.

Il Sole 24 Ore’s report also revealed fresh details regarding the two bonds worth a total of €375 million which Inter are required to finance by next year.

As part of the agreement Inter reached when securing the bond, its creditors can request the club is sold if certain agreements are not respected.Part of the bond is said to have been taken on by an unspecified minority shareholder.

[Kev9Inter]

Marotta - "Suning are evaluating the opportunities in Inter's interest and respecting the storical value of the club, the present and the future. The management are acting in a stable environment."

[Il Drago]

Marotta - "Suning are evaluating the opportunities in Inter's interest and respecting the storical value of the club, the present and the future. The management are acting in a stable environment."

The deal must be close. I doubt Marotta would confirm anything if the two parties were very far apart.

[kurt0411]

Just let us go Suning, thank you for stabilizing the club but we need someone to actually take us to the next level and do what you promised you would do but never done.

[Kramerica Industries]

Just let us go Suning, thank you for stabilizing the club but we need someone to actually take us to the next level and do what you promised you would do but never done.

This feels harsh to me. Until I have reason to believe otherwise, I'll generally be of the belief that Suning meant well but got fucked over by the Chinese government. Hopefully they're leaving us in good hands and not just handing us off blindly to the first business with enough money to spare.

[DARi0]

I`m not a financial expert, buy smart guys know how to make the money float around. If I were Suning and had an ambition with Inter, what would prevent me from creating a foreign fund and sell the club to that fund?

Inter sale: BC Partners begin financial analysis

The private equity fund BC Partners have reportedly started an analysis of the financial situation of Inter with an extraordinary board of directors’ meeting that will take place tomorrow.

The club’s CEO Beppe Marotta has confirmed Suning are considering selling a stake in the club.

Inter sources have told Sky Sport Italy, the possibility of selling a stake in the club must be considered as “positive opportunity” and insist “the future of the club has never been as rosy as it is right now.”

The fact that their attention has fallen on Inter, with analysis of the accounts already underway, is one more reason that give hope to the Nerazzurri fans, the report claims.

BC Partners are a fund that evaluates entrepreneurial groups and considers them for investment.

According to Il Sole 24 Ore, at the end of the due diligence there will be an assessment of the club’s worth, which will be less than €1 billion. Suning could eventually decide to sell a majority stake in the club, according to the financial paper and Tuttosport.

As per Il Corriere dello Sport, an extraordinary board of directors’ meeting will take place on Thursday.

The chairman Steven Zhang will participate remotely from China and will discuss Suning’s intentions for the future of the club.

[RickyMaravilla'sRightFoot]

Sabatini made some remarks about the possible sale and made it seem like it's mostly down to new restrictions imposed on Suning: "When the Chinese government gets involved, there's nothing that can be done."

I do genuinely believe they were committed to the project. They've made too many investments for that not to be the case. Not that this sale isn't down to numbers, but I don't think they envisioned it ending here either.

We'll see what happens-- if they stay the majority shareholders, minority shareholders, or sell everything completely. It's probably the right thing to do if they know they wont be able to invest further in the club.

The fact that they're potentially selling to a private equity fund is a bit concerning. Yes, they will be focused on profits. Although, there are easier ways to make money than investing in a football club, if that's the only things that matters. Making a club grow in value (especially in COVID times) requires investment-- investment in infrastructure, investment in the squad/ management, investment in marketing and advertisement.

Who knows how this will all turn out. I doubt BC Partners is in it for the long term, but hopefully we come out better than we came in. Perhaps when the economy bounces back, a true interista will be able to take control of the club.

[CafeCordoba]

I`m not a financial expert, buy smart guys know how to make the money float around. If I were Suning and had an ambition with Inter, what would prevent me from creating a foreign fund and sell the club to that fund?

How to transfer money to that fund? The issue here indeed seems to be that sports is not in China's (CCP) next 5-year-plan, so any investments to sports is not wanted by them. Guess it also means divesting from current positions too, because honestly Inter simply needs more and more capital (which is denied by CCP). It's not like Suning can do something in secret behind CCP. That will get you house-arrested / disappeared like Jack Ma.

Marotta saying that confirms this totally. It's a big fucking shakeup and we need to hope our new overlords have some understanding what is required to get a football club up top and actually make money for them. It requires big investments, specially now at COVID times because they need to cover the losses and then pour more capital in to make the product better.

[Universe]

In some rare good news.. we might not be winning on the pitch (or in the boardrooms..) but we're winning in the courts


Besides work that needs to be done to shore up play in the field (they released Sporting Director Paul McDonough on Dec. 9), Inter Miami is still trying to make its permanent home at Melreese Golf Course next to Miami International Airport in the face of widespread community opposition.

By David Winker | January 04, 2021 at 01:17 PM

Inter Miami recently finished its inaugural season with a first round exit from the Major League Soccer (MLS) playoffs.

Besides work that needs to be done to shore up play in the field (they released Sporting Director Paul McDonough on Dec. 9), Inter Miami is still trying to make its permanent home at Melreese Golf Course next to Miami International Airport in the face of widespread community opposition.

In the latest setback off the field, Inter Miami lost another round in its trademark battle to keep its name.

Inter Miami vs. Inter Milan?

When David Beckham announced in 2018 that the new Major League Soccer (MLS) franchise in Miami would be called Inter Miami CF—official name Club Internacional de Fútbol Miami—it raised some groans as it continued what some call a tiresome tradition of MLS teams copycatting European club titles such as Real, United, Sporting and City.

And it raised more than eyebrows at Inter Milan—official name F.C. Internazionale Milano S.p.A.—which plays in Italy’s Serie A and is one of the most storied soccer clubs in the world.

In 2014, Inter Milan filed a trademark application with the USPTO to the term “Inter” as it pertains to soccer, arguing that Inter Milan is synonymous with the term. In 2018, MLS applied for its own trademark for the name Inter Miami CF with the USPTO, and subsequently filed an opposition to Inter Milan’s trademark efforts in 2019.

Wait, So This Is Really MLS vs. Inter Milan?

The case is being brought by MLS rather than Inter Miami because Major League Soccer is set up as a single-entity structure in which teams and player contracts are centrally owned by the league. MLS owners own a share in the league and have the right to operate a team and each MLS team has an investor-operator that is a shareholder in the league. In effect, Inter Miami as well as the other MLS clubs are owned by MLS and it grants licenses to operate the franchise.

As such, MLS actually owns Inter Miami and is defending its right to use the name.
In its opposition, MLS contended that Inter Milan’s application should be refused on two grounds:
1. INTER is “merely descriptive” (Section 2(e)(2) of the Trademark Act); and
2. there is “likelihood of confusion” (Section 2(d) of the Trademark Act).

Likelihood of Confusion Claim Again Dismissed

In 2019, Inter Milan filed a Motion to Dismiss MLS’ Section 2(d) likelihood of confusion claim.

In order to prevail on this motion, Inter Milan had to overcome a heavy burden, because dismissal of a claim as insufficient is appropriate only if it appears certain that the plaintiff is entitled to no relief under the facts.

The USPTO found that MLS’ claim that there are a number of clubs around the world that use INTER in their name – SC Internacional of Porto Alegre, Brazil, Inter Nashville FC, Inter Atlanta FC, FC Inter Turku (Finland), NK Inter Zapresic (Croatia), Inter Leipzig (Germany) and Inter de Grand-Goave (Haiti)—did not meet its burden to show that MLS has valid proprietary, or ownership, right in the name INTER.

As such, the USPTO dismissed the claim, finding that MLS “has failed to adequately plead its Section 2(d) [likelihood of confusion] claim.”

Inter Miami Re-Plead Its Likelihood of Confusion Claim and Lost Again

Inter Miami was undeterred and called the same play again earlier this year, amending its pleading and relying on the use of “Inter” by third-parties, … and the result was the same.
In a Dec. 9, 2020 ruling, the USPTO ruled once again that Inter Miami’s likelihood of confusion count must be thrown out because Inter Miami failed to provide any sufficient link between MLS itself and any use of “Inter” that would give rise to consumer confusion.

Even though it may be in the opposer’s best interest that the applicant not register its mark, that is not the same as having a “legitimate interest” in protecting the third parties’ alleged marks from a likelihood of confusion.

In sum, the opposer’s likelihood of confusion claim is legally insufficient because it has not sufficiently alleged priority, i.e., its Section 2(d) claim is not based on any allegations of prior proprietary rights in a mark of the opposer and the opposer has not set forth factual allegations that, all taken as true, constitute a legitimate interest in preventing likelihood of confusion between Applicant’s mark and those of the “prior U.S. INTER users.” Accordingly, the applicant’s motion to dismiss the opposer’s likelihood of confusion claim in the amended notice of opposition is GRANTED.

Inter Miami will now be forced to move to trial with its sole remaining claim—that INTER cannot be properly registered because it is merely descriptive.

In order to prevail on this claim, Inter Miami appears to have an uphill battle, as it will have to show that Inter Milan’s 2014 trademark for INTER was improper because it was merely descriptive and is not meaningfully distinctive as an indicator of Inter Milan.

Trademark law requires that a mark must be “distinctive”—capable of distinguishing your product from those of competitors- in order to be registered.

A mark that is merely descriptive is one whose definition is synonymous with a quality of the good or service. An example might be Spicy Hot Sauce, Creamy Gravy, or Refreshing Ice Tea.
A merely descriptive mark can only receive trademark protection if it achieves “secondary meaning,” which is only achieved when consumers have started to identify a trademark with a particular product.

In effect, it will come down to Inter Milan demonstrating that soccer fans think of Inter Milan when they hear the term INTER. This would appear to be doable, as Inter Milan is one of the most recognizable teams in the world and they are universally referred to by their abbreviation INTER.

Will Inter Miami Have to Change Its Name?

That’s the multi-million dollar question, in light of Inter Miami’s flashy roll-out of its crest and jersey and the high cost of re-branding the club.

In the event Inter Milan prevails, it would acquire legal ownership in the mark, and that could bar other clubs from marketing themselves with the same abbreviated name.

These high profile trademark disputes are often settled in the boardroom, rather than the courtroom, but absent a settlement, the threat facing Inter Miami is substantial.





https://www.law.com/dailybusinessrev...20210013211500

[brehme1989]

We should let them be called Inter Milan if that stops the idiotic tradition of English media using this term.

[Devious]

some things never change on this forum

[Il Drago]

Financial Times:

Inter Milan owners in talks over private equity sale

Italian football club Inter Milan is in talks about a sale to buyout groups including BC Partners and EQT as the private equity seeks to expand its football stakes during a financial crisis caused by the coronavirus pandemic.

Suning Holdings, the Chinese retail conglomerate that owns a majority stake in Inter Milan, has started negotiations with various parties over the sale of all or part of its stakes in the Serie A squad, according to several people with direct knowledge of discussions. A person familiar with the talks said the owners valued the club up to € 900million.

The Chinese group has hired Goldman Sachs to advise on potential fundraising options. Private equity firms, including EQT in Sweden and US-based Arctos Sports Partners, are among those interested in a deal, according to people familiar with the negotiations, though talks with London-based BC Partners, seem to have progressed the most.

Discussions highlight how private equity groups pushed in sport over the past year, seeking to capitalize on the need to raise funds due to coronavirus-induced losses, such as the sale of lost tickets.

CVC Capital Partners and Advent International are in advanced discussions on a € 1.6bn deal to invest in commercial rights to Serie A, while the German Bundesliga and Spanish La Liga are also in talks with private equity investors over similar deals.

Inter Milan, chaired by the president Steven zhang, the 29-year-old son of Zhang Jindong, the billionaire founder of Suning who paid 270 million euros for a majority stake in the “Nerazzurri” in 2016, seeks to bring Inter Milan back to the top of Italian and European football.

The club have spent hundreds of millions of euros to capture star players such as striker Romelu Lukaku and midfielder Christian Eriksen, with the goal of winning their first Serie A title in a decade. Alongside local rivals AC Milan, he also announced plans to build a € 1.3 billion stadium by 2023 alongside his existing pitch at San Siro.

There have been concerns about the liquidity of Suning’s core business in China, while Inter Milan recorded a pre-tax loss of € 102m last season, mostly due to revenue shortfalls caused by the pandemic.

In September, the English Premier League finished his $ 700 million screening deal in China with PPTV, a Suning-owned digital broadcaster, after seeking to withhold payments and renegotiate his contract citing the pandemic.

Financial pressures have led Suning, who owns 68.5% of Inter Milan, to seek additional outside investment for the club. It is not known if Lionrock Capital, the Hong Kong-based private equity group that owns 31.5% of the club, is also considering selling its stake.

Suning, Inter Milan, Lionrock and BC Partners did not immediately respond to requests for comment. Arctos, EQT and Goldman Sachs declined to comment.