Suning have interrupted the negotiation to sell some shares, or even the majority stake, of Inter to the private equity fund BC Partners and will look at other subjects to solve the financial problems of the club, Gazzetta dello Sport reports.
The Nerazzurri ownership are searching for an infusion of cash between now and May, when the bonds that materially fund the team will have to be renewed, as the Chinese government imposed to companies to stop funneling money into foreign football, as it is no longer considered a strategic investment.
The conglomerate ended talks with BC Partners due to a sizeable different in the overall evaluation of the club and because they believed the British fund conducted the negotiation with too much fanfare. They completed the due diligence last week and the deadline to present an offer passed on Friday, but the sides could not come to terms. Suning, which spent €550M over the years, put a €750M price tag on the club plus debts. They own the 70 percent of the team, while the rest belong to LionRock.
Inter confirmed the negative outcome to news agency Ansa, saying that they have not been in touch with BC Partners in the past ten days. Gazzetta adds that Suning will resume listening to other proposals now that the exclusive rights to sell to BC Partners have expired and that there is no shortage of interest. The construction of a new stadium and the new income generated by the creation of a media company to handle the TV rights are considered valuable assets in a potential sale.