Three months after purchasing an 80% stake in the Premier League’s Newcastle United for $409 million, Saudi Arabia’s Public Investment Fund is reportedly nearing a purchase of Serie A’s Inter Milan for $1 billion.
The deal is expected to be announced in the coming days. Rumors of the club’s sale to the PIF have swirled since March 2021.
Suning Holdings Group acquired a 70% stake in the team in 2016, but the owners have searched for an additional investor since 2019.
- Despite winning the domestic title in 2020, the club lost roughly $285 million in the 2020-21 financial year.
- The team continues to lose $15 million each month.
PIF’s Soccer Deals
Saudi Arabia’s Public Investment Fund manages over $430 billion in assets.
The PIF’s purchase of Newcastle United faced criticism from other Premier League teams over concerns about the Saudi government’s involvement — the PIF is run by Saudi Crown Prince Mohammed bin Salman.
The Premier League ruled that the PIF is separate from the government. Teams voted last week that any sponsorship deal worth more than $1.3 million will now have to be submitted for review.
The PIF is also reportedly in talks with Ligue 1’s Marseille and a Brazilian club and was named the Saudi International’s new title sponsor on Monday.
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