The Suning Commerce Group

[.h.]

Probably gets repaid with the proceeds or something.

Yeah, id want to see the contracts tbh. You could easily funnel that money back to the parents company somehow and then oaktree are out.

I wouldnt be surprised if, right now, there are 2 solutions. Sale/default to Oaktree or raise alternative financing for them, pay it off, then sell Inter?

 

[Il Drago]

According to this account Zhang is in advanced talks over selling 50% of inter.

https://twitter.com/x/status/1438834448397705228

Is there anything about this from Italian sources?

So the only thing I could find about this guy is he's the vice-president of Inter Club Saudi.

 

[Il Drago]

Suning Looking For New Investors To Partner In Inter, Italian Media Report​

Inter owners Suning are looking for new investors to partner in their ownership of the club, with the work done in the transfer market this summer still not enough to have financially stabilized the club.

This according to Italian news outlet Repubblica.it, who report that the owners are actively in search of new partners, though rumours of a purchase attempt by Saudi fund PIF have been denied.

Inter brought in a net of around €130 million over the summer in the transfer market, with the high-profile sales of Romelu Lukaku and Achraf Hakimi bringing large fees into the club’s coffers, while the wage budget was also significantly reduced, and the new sponsorship deals brought in a 245% increase in revenues from new partners.

However, the club is still operating at a monthly loss of around €12 million, partly due to the debts held by Suning, and so the owners are still looking to stabilize the situation at the club.

To this end, new investors are being sought to bring an influx of cash into the club to help stabilize the situation.

 

[Ethor]

Good luck with that. Losing 12M a month! Probably no say on the direction of the club too.

 

[_Ivan_]

Now Evergrande situation in China, global equities plunge won't help Suning either. It's time to sell the club, until we get flushed along with Suning's pile of shit.

 

[Strale]

So clingy these guys

 

[crzdcolombian]

Damn…. You think if you are losing 12 million a month you wouldn’t pay your coach who wants to leave 7 million to get what he wants.

 

[brehme1989]

Hilarious turn of events with China considering Crypto illegal funds, whomever deals with that to be an accomplice, and then there's Suning with the Inter related sponsorships

 

[.h.]

Youre not paranoid if everyone is out to get you

 

[CafeCordoba]

Italian media keeps reporting that they think Zhangs will sell before the end of the year. PIF (Saudi-Arabian investment fund) has been mentioned among Americans as possible buyers.

 

[Ethor]

Italian media keeps reporting that they think Zhangs will sell before the end of the year. PIF (Saudi-Arabian investment fund) has been mentioned among Americans as possible buyers.

Beware of American investment funds/Bankers bearing gifts.

 

[Pimpin]

If we get Saudi funds things will get very interesting, I;ve liked what they have been trying to do the past few years.

 

[kurt0411]

OMG pls for the love of god sell us to the Saudi’s and I will forgive you for Hakimi and Lukaku

 

[CafeCordoba]

Selling to Saudis probably won't mean some qatari/UAE-spending (a la PSG/City), but we will probably stop bleeding and having to sell players. I think there is a possiblity PIF (Saudi sovereign fund) would be it it for making money, not spending it for pure sports washing reasons. Saudis need to shift from oil to other (multiple different) revenue sources and football (sports entertainment) in the future could be one of those. But I could be wrong and sports-washing it is.

As owners they obviously would not give a fuck about Inter just as Americans wouldn't.

 

[Il Drago]

Suning ready to close its London company​

Suning will close the English company it created in London. As reported by Tuttosport, in fact, Suning Sports Group International Uk Limited, the holding company created in London in November 2018, will be closed shortly.

In recent days, the company (whose main shareholder is Zhang Jindong and whose director is his son Steven) has in fact filed the financial statements for the year ended November 30, 2020, in which it specifies that the next financial statements will not be filed because ” the director’s intention is to close the company as soon as possible ”, reads the document. For this reason, the document for the 2020 financial year “was prepared with different criteria than those of business continuity”.

The economic movements of the company, founded in November 2018 with a capital of 30 thousand pounds, were modest: between 2018 and 2019 it had in fact only costs for a total of 58,500 pounds, while between 2019 and 2020 the costs were equal to 141 thousand pounds, with a negative net worth of 168 thousand pounds as of November 30, 2020.

However, it was above all a useful tool to be present in a central financial center like that of London.

 

[Strale]

My prediction is they're going to sell everything BUT Inter, and live at Pinetina.

 

[.h.]

well thats a bit racist

 

[brehme1989]

well thats a bit racist

What is?

 

[Jusef]

Suning ready to close its London company​

Suning will close the English company it created in London. As reported by Tuttosport, in fact, Suning Sports Group International Uk Limited, the holding company created in London in November 2018, will be closed shortly.

In recent days, the company (whose main shareholder is Zhang Jindong and whose director is his son Steven) has in fact filed the financial statements for the year ended November 30, 2020, in which it specifies that the next financial statements will not be filed because ” the director’s intention is to close the company as soon as possible ”, reads the document. For this reason, the document for the 2020 financial year “was prepared with different criteria than those of business continuity”.

The economic movements of the company, founded in November 2018 with a capital of 30 thousand pounds, were modest: between 2018 and 2019 it had in fact only costs for a total of 58,500 pounds, while between 2019 and 2020 the costs were equal to 141 thousand pounds, with a negative net worth of 168 thousand pounds as of November 30, 2020.

However, it was above all a useful tool to be present in a central financial center like that of London.

This could just mean that their conducting a reorganization in anticipation of a sale. Their holding corporation likely owns the operating company’s shares. They could merely just have sold the shares to another holding corporation like a sellco. This is often done to increase the cost base (acb) of the shares or some other tax advantage.

You don’t dissolve the holdco without disposing of the shares to another entity first. If this already took place than their is a lot more.

A sale could be on the horizon.

 

[NimAraya]

What is?

I made a joke about the possible name of the future Inter's stadium in case the Saudis take over. Then I thought it was a bit too much, so I removed it.