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American consortium plot to complete Inter Milan takeover

An American investment fund company is looking to complete a takeover of Inter Milan, reports Il Giornale.

The Serie A club’s chairman Steven Zhang has continually insisted the club is not for sale.

However, Inter are in debt and Zhang is due to appear in court after a Chinese bank filed a lawsuit against him. China Construction Bank claims he has refused to repay a debt of over €280 million.

US investment banking firms Goldman Sachs and the Raine Group have continued to probe the market for potential buyers or investors.

Some people at Inter believe there is a willing buyer ready to acquire the club.

The club was valued at €1 billion but it increased to €1.2bn after RedBird Capital Partners paid the same amount to buy AC Milan.

However, Zhang could be forced to lower his demands to meet some deadlines. Inter borrowed €275m from Oaktree Capital Management Group in 2021 through Grand Tower Sarl.

It is one of the holding companies through which Zhang controls Inter, and the loan repayment is due by May 2024.

Inter will have to pay €350m in return according to the loan terms. Failure to do so would see Zhang lose control of the club as he gave the club’s shares as collateral to Oaktree. He could be forced to sell the club as a result.

Suning Holdings Group took over the Italian club in 2016, and founder Zhang Jindong made his son their chairman two years later.

Inter won their first Scudetto since 2010 in 2021 to end Juventus’ run of nine consecutive titles. They missed out on successfully defending the title by just two points last term.

The club could soon have new owners unless Zhang finds a way to escape the financial mess.

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