Only days after completing the takeover of Newcastle United (football news), the Saudi-led Consortium is back on the hunt. Now, after suggesting several football transfers, the Saudi Arabian Public Investment Fund wants to buy Inter for €1 billion.
The Saudi Arabian Public Investment Fund enjoys the backing of Crown Prince Mohammed bin Salman. And now, this Saudi Arabian Fund is ready to buy Inter from cash-strapped current owner Steven Zhang for €1 billion.
Last Monday, the consortium received final approval to finalize their takeover of the Magpies.
They paid £300 million for Newcastle, putting an end to Mike Ashley’s 14-year reign on Tyneside and annoying other clubs.
The PIF, on the other hand, is not content to just stop there. They have already begun to distribute their money throughout Serie A, as well, with Inter Milan being their latest target.
Saudi Arabian Public Investment Fund Wants to Buy Inter for €1 Billion
The Saudi-backed investment company wants to add Inter to its portfolio, according to Calciomercato.
Indeed, they have already met with current owner Zhang to discuss a possible €1 billion takeover.
As it is, Zhang and the Suning group are racking up massive debts in Milan. And their situation may not change under their control due to Chinese government’s restrictions and a general lack of finances.
Inter actually, barely survived the summer by selling two of their most valuable assets, Romelu Lukaku and Achraf Hakimi.
But, rather than rebuilding their squad in January and the next summer, they may have to gut their roster again.
The Suning ownership has become highly unpopular with Inter fans due to this seemingly constant cycle. They despise the owners despite Inter’s first scudetto in 11 years coming under their reign.
So, the owners will either address their current problem, which is complicated in the short term, or sell the club.
And as such, the Public Investment Fund is interested in purchasing Inter from its current owners.
In fact, according to certain sources, a €1 billion deal has been reached.
According to the Libero newspaper, word among financial circles is that the two parties have reached an agreement. This follows a meeting in mid-September to explore a takeover.
Zhang, on the other hand, is allegedly hesitant to sell the Nerazzurri before realizing his dream. He has an ambition to build a brand-new stadium for his club, which has yet to see the proper sanctions.