Loss-making Inter Milan fail in talks with potential new investors

Inter Milan’s Chinese owner will look for other investors in the loss-making Italian Serie A team after exclusive talks with private equity firm BC Partners ended without a deal, two people familiar with the matter said on Tuesday.

Chinese retail giant Suning, which owns 68.5%, is weighing options to pump fresh resources into the club, which is suffering like rivals due to the COVID-19 pandemic fallout.

Exclusive talks with Suning allowing London-based BC Partners to look into the club’s books expired on Jan. 31 without a bid being formulated, the sources said.

However, BC Partners still aims to submit a bid in the next few days, one source close to the private equity firm said, adding that due diligence took longer than expected because Inter’s financial situation is “complicated”.

Suning’s price expectations are higher than what BC Partners would be willing to offer, the sources said. Suning eyed a valuation of more that 1 billion euros ($1.2 billion) including debt while BC Partners was considering offering around 750 million euros, they said.

via Reuters