Here is all you need to know about the owner of Inter Milan and chairman Steven Zhang and his net worth
Know the amount Chinese company Suning paid for the Italian club
Inter Milan, who lead the Serie A standings with 44 points right now, is allegedly close to filing for bankruptcy.
Who is Steven Zhang owner and chairman of Inter Milan and what is his net worth in 2024
The Serie A leaders have advanced to the Champions League knockout stage in addition to currently winning their home league. After paying the yearly salaries of its ten board members, word of their bankruptcy began to circulate in the press.
Comparing the previous financial year to this one, Alessandro Antonello, their corporate CEO, and Giuseppe Marotta, their sports area CEO, were paid less. Il Giornale claimed that if the Nerazzurri hadn’t made any sales going into this season, they would have had to consider filing for bankruptcy over the summer.
💣🚨| Inter Milan are on the brink of bankruptcy; only the sale of Brozovic and Onana allowed business continuity in 2023-24. [@ilgiornale] pic.twitter.com/529oq1KMJK
— Football Talk (@FootballTalkHQ) December 28, 2023
Marcelo Brozovic’s transfer to Al-Nassr in Saudi Arabia and the Cameroonian goalkeeper’s sale to the Premier League’s biggest teams, according to the report, may have assisted the Italians in recovering some of the money that had been keeping them adrift.
Reduced from €140m (£122m/$155m) in 2022 and a record-breaking €246m (£213m/$272m) in 2021, Milan’s blue and black supporters lost €85 million (£74m/$95m). Although revenues decreased by 3.2%, this was accomplished despite a cost-cutting measure of 11.8%.
As a result of the club’s parent business having a negative net value of €162 million (£141 million/$179 million), Inter’s debt has fallen to €807 million (£701 million/$893 million) from €881 million (£765 million/$975 million) the previous year.
Though it’s still easier said than done, Suning, the owners of Inter Milan, are insistent about refinancing the Oaktree debt. To finance the club’s operations, the American investment corporation extended a 275 million euro loan to the Chinese group.
Before the May 2024 deadline, Suning must either repay the debt or refinance it. Rising interest rates have caused the total amount to increase to 350 million euros. As for the Italian club, several entities that may be interested in purchasing it have already gotten in touch with Oaktree. The insider notes that Oaktree will take over Inter’s management if Suning is unable to come up with a solution before the loan’s finale.
Chinese Suning Holdings Group has a spotty past as the club’s owner. The devastation caused by the Covid-19 outbreak has adversely affected the club’s finances.
Who are the owners of Inter Milan and how much did they pay the club?
After completing a deal to buy 68.5% of Inter Milan in 2016, Chinese Suning Holdings Group is currently the club’s majority owner and stakeholder. Along with other minority shareholders, the purchase also includes a 35% investment held by Hong Kong-based private equity firm LionRock Capital.
For 270 million euros ($307 million), Chinese electronics retailer Suning Commerce Group Co Ltd purchased almost 70% of the Italian football club Inter Milan. This was the most high-profile takeover of a European team by a Chinese company at that time.
The Chinese government provided major financial support to pay off debt after US asset management company Oaktree Capital Management accepted a £271 million/$336 million loan in 2021 to help keep the club viable.
Who is Steven Zhang?
Steven Zhang is the president of Suning International, the company’s international subsidiary, in addition to his role as chairman of Inter Milan since 2018 and while he had a net worth of $7.4 billion in 2021, it has now fallen to $3.7 billion.