Unnamed American Fund Close To Buying Inter Milan From Suning, Italian Media Claim
An unnamed US-based fund is on the verge of buying Inter from current owners Suning.
This according to today’s print edition of Milan-based newspaper Il Giornale, via
FCInter1908, who report that only the announcement remains for the purchase of the Nerazzurri to be complete, and that this is expected in the next couple weeks.
Despite the persistent denials of Suning that they are trying to sell Inter, the owners have been working behind the scenes with US-based investment banks Goldman Sachs and Raine Group to search for either an outright buyer or minority investment.
According to Il Giornale, a US-based fund has stepped forward to make a deal, and not just to become a minority partner.
The Milan-based newspaper claim that the talks are at an advanced stage, and that now an official announcement can be expected soon.
As far as the sums involved in the deal, Il Giornale note that Suning’s asking price for the Nerazzurri has been €1 billion, raised to €1.2 billion following the sale of city rivals AC Milan to RedBird for that amount.
However, the current owners’ valuation may well have wavered slightly.
This would be the case particularly in light of the fact that the debt burden between the principal and interest on the loan that holding company Grand Tower SARL took on to inject cash into Inter will come due at €350 million next year.
Given that Suning put their shares in Inter up as collateral on that loan, they would lose control if they are unable to pay back the loan when it comes due.
Accordingly, Il Giornale claims, Suning may have agreed a deal at somewhat less than their asking price has been.
Based on Il Giornale’s report, updates can be expected in the very near future.