NEWS
Wednesday June 29 2016
Suning put €242m into Inter

Suning increased Inter's capital by €242m as they took over and nominated a new board of directors.

Yesterday's meeting of the board was the first in which the Nerazzurri's new owners truly got their hands on the steering wheel, and they nominated a new team of directors.

The board is now a mix of new and old faces, with Steven Zhang, the son of the owner Jindong, heading a group of Chinese directors that comprises Ren Jun, Mi Xin, Yang Yang, and Liu Jun. The board still includes president Erick Thohir, Handy Soetedjo, Michael Bolingbroke and Nicola Volpi.

Thohir is expected to leave the club or at least give up on his position of authority before the end of the year, selling the remainder of his minority shares to Suning.

The Chinese business group increased Inter's capital by €142m when they purchased the shares and added another €100m in the form of a loan, bringing the club's new liquidity up by €242m.

There are still limits on what Inter can do on the market because of their need to meet FIFA's Financial Fair Play regulations, which demand a balance between a club's debt and their revenue.

The Biscione's revenue was severely capped by their failure to qualify for the Champions League last season, and Suning will attempt to compensate for that by creating new business partnerships and finding new sponsors abroad.

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