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Inter Milan for sale

A search has begun for a buyer for Inter Milan.  US boutique bank Raine Group, which handled the auction of Chelsea this year, and Goldman Sachs are working on the sale.   Suning would consider selling a minority stake.

Inter has been owned since 2016 by Nanjing-based electronics retailer Suning.   The company has been hit by the growth of online retailers and carries a large short-term debt pile at a time when credit is tightening in China.

In February last year Suning had to raise new financing to plug the funding gap at Inter caused by the pandemic, resulting in a $275m loan from distressed debt specialist Oaktree Capital.

The latest accounts show revenue increasing to €440m and a loss for the 2021/22 financial year of €140m.

The fact that Inter shares their stadium is a drawback for potential investors as hosting double the number of games makes ir more difficult to stage other events that generate revenue.

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