Suning’s ownership of Inter will not be affected by the sales of shares in parent company Suning.com.
This according to today’s print edition of Milan-based newspaper Corriere della Sera, who report that the Chinese company control the Nerazzurri through a Luxembourg-based holding company which is not affected by the parent company, and that they remain in control despite losing significant shares in Suning.com.
Suning’s financial difficulties are well-known, with the Chinese company facing a large debt burden while income is greatly reduced due to the pandemic.
Recent news that founder Zhang Jindong was recently forced to sell 17% of his shares in Suning.com by a Chinese court, and that Alibaba are now majority shareholders in the company with 20% has led to speculation that the Zhang family’s ownership of the Nerazzurri could be compromised.
However, since they do not run the club through the parent company Suning.com, but rather through Luxembourg-based holding company Grand Tower, the Zhangs can continue to run the club autonomously from the fate of the parent company for the time being.
It is through this channel that the company took on €275 million loan from American fund Oaktree Capital, and should the company be unable to repay their debt on the loan as it matures then the company could fall into the hands of Oaktree.
However, this is not connected to what is happening with Suning.com in China, and for now Suning remain in control of the Nerazzurri.