Chinese retail giant, Suning, receive €250 million offer from the fortress. The fortress is an American fund group. As reported by ll sole 24 ore‘s print edition. Fortress will pay the amount in two instalments, in the shape of hybrid loans. Also, they can strike an agreement by the end of this month.
Also, a similar type of deal is being carried out with Bain Capital. They are already looking into books and investing at Inter in previous weeks. Zhang family are in a split when it comes to Inter. They are having different visions for the club. Suning’s chairman Jindong Zhang is pushing for the sale of the club after China changed its stance on football investment. While, Inter’s president Steven Zhang, the son of Jindong, wishes to see out the remainder of the season as Inter owners. He is hoping to be able to celebrate a first Serie A title win in their tenure in charge of the club.
Suning receive €250 million offer and can stay as the owners of the club
Suning would be able to remain as Inter’s owners with a solution of this nature. When it comes to the sale front, BC Partners appear unwilling to increase their offer. Which is in the range of €750-800 million. The paper also said that the link between Inter and Saudi Arabia’s Public Investment Fund was ‘cold’. Which means not much was happening on that front. Chinese investment bank Citic are also keen on Inter. But time is moving quickly, and there are many deadlines by the end of this month. If Suning were to sell Inter, even just 35%, the ‘change of control’ clause would be activated in their €375 million bonds which need refinancing.
The report also explained that this meant bondholders would have the right to sell the bond to the new owner at face value, or the shareholders could try and obtain a waiver from the bondholders to activate this clause.