China-based Suning Holdings is looking to make a fresh attempt to attract new investors in Serie A’s Inter Milan, according to Bloomberg.
The desire to inject fresh capital follows the Italian soccer club’s record loss of $284.6 million in the fiscal year ending June 30, 2021, up from $118 million the year before. As a result, Inter delayed payments to its players despite winning its 19th Serie A title in May.
Inter’s total revenue reached $422 million, down from $444 million a year earlier, due to stadium closures and a decline in sponsorships caused by the pandemic.
- In January, private equity firms EQT Partners, Arctos Sports Partners, and BC Partners expressed interest in the club.
- Talks stalled in March between BC Partners and Inter due to disagreements about the club’s valuation ($743 million) and the size of the stake on offer.
Suning owns a 68.5% stake in Inter, which it purchased for $306 million in 2016. The holding company joined a group of Chinese investors who spent $1.8 billion between 2015 and 2017 acquiring stakes in more than a dozen European soccer clubs.
In May, Los Angeles-based Oaktree Capital agreed to acquire a 31% stake in Inter from LionRock Capital in a deal valued at $336 million. Oaktree will also loan $310 million to the club.