The Saudi Arabian Public Investment Fund, backed by Crown Prince Mohammed bin Salman, is ready to buy Inter from cash-strapped Steven Zhang for €1 billion only days after completing the takeover of Newcastle United. Last Monday, paying £300 million for the club and putting an end to Mike Ashley’s 14-year reign on Tyneside the consortium received final approval to finalize their takeover of the Magpies.
On the other hand, the PIF is not content to stop there and has already begun to distribute its money throughout Serie A. According to Calciomercato the Saudi-backed investment company wants to add Inter to its portfolio, and has already met with current owner Zhang to discuss a possible €1 billion takeover.
Zhang and the Suning group are racking up massive debts in Milan, and due to Chinese government restrictions and a general lack of finances, the situation is unlikely to change under their control. Inter survived the summer by selling two of their most valuable assets, Romelu Lukaku and Achraf Hakimi, but it’s more likely that they’ll have to gut their roster again in January and the next summer, rather than rebuilding a stronger squad.
Despite delivering Inter’s first scudetto in 11 years, the Suning ownership has become highly unpopular with Inter fans due to this seemingly constant cycle. So, either the owners address their current problem, which is extremely complicated in the short term, or they sell the club.
The Public Investment Fund is interested in purchasing Inter from its current owners, and a €1 billion deal has been reached according to certain sources. The Libero newspaper reports, word among financial circles is that the two parties have reached an agreement following a meeting in mid-September to explore a takeover. On the other hand, Zhang is said to be hesitant to sell the Nerazzurri before realizing his dream of building a brand new stadium for his club, which has yet to be sanctioned.
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