Having a target at Newcastle United, PIF cancels acquisition of Inter Milan

DBasia.news – Inter Milan’s hopes of seeing what happens to Newcastle United to them has vanished. Il Nerazzurri have to accept the fact that they will still be led by the Suning Group as club owners.

As is known, some time ago a commotion occurred in England when PIF (Saudi Investment Fund) acquired Newcastle for 350 million euros to buy 80% of the club’s shares, ending the 14-year era of Mike Ashley.

PIF is a company led by the Prince of Saudi Arabia, Prince Mohammed Bin Salman, which has a net worth of 320 million pounds. His wealth exceeds that of the owners of Manchester City and PSG.

Shortly after the takeover, there was news that PIF had also shifted its focus to purchasing a large stake in Inter from the Suning Group. According to Corriere della Sera the news is true and there are negotiations, but it happened several months ago (before PIF purchased Newcastle).

The same media said that PIF was no longer interested in acquiring Inter Milan, especially after defending Newcastle. During this time the change occurred, with PIF buying a large stake in Newcastle and Suning borrowing 275 million euros from Oaktree.

Even though PIF is no longer interested in purchasing Inter, there is still the potential for Suning to sell a large stake in Inter as they have recorded losses to cover, not to mention they have three years to pay Oaktee which has a 10% interest.

With Inter’s price being more expensive than Newcastle (one million euros), PIF is no longer interested in signing the team currently coached by Simone Inzaghi.

Inter’s debt, as well as the fact of financial difficulties amid the corona virus pandemic, can be seen from the sale of mainstay players such as Romelu Lukaku and Achraf Hakimi.

Even so, the management covered their departure well after recruiting Denzel Dumfries, Joaquin Correa, and Edin Dzeko who completed the arrival of Hakan Calhanoglu. Inter performed well at the start of the 2021-2022 Serie A season.