Italian giants Inter Milan are on the brink of bankruptcy according to latest reports.
The Serie A leaders are currently leading their domestic league and they have also qualified for the knockout stage of the Champions League.
The news of their bankruptcy started surfacing in the media after they paid their 10 board members their annual compensation.
Their corporate CEO Alessandro Antonello and the CEO of the sports area Giuseppe Marotta received less compensation compared to the previous financial year.
As reported by ‘ilgiornale‘ in the Italian media, the China based parent company, Suning Group, that owns the Italian giants is facing financial difficulties.
Lautaro Martinez celebrates a goal for Inter Milan
This is the reason why Inter’s league winning manager Antonio Conte and crucial players like Romelu Lukaku and Ashraf Hakimi had to leave the club.
Inter Milan’s current owner is Stephen Zhang, the son of Suning Group Chairman. The Chinese company, which distributes home appliances, owns 70% of the club’s shares.
As the Chinese economy continues to falter, Suning Group is naturally facing difficulties with their finances.
The current owner decided to sell the club but no buyer came forward to get them out of trouble. The reason behind their failure to sell the club was that Serie A’s profits are far behind the English Premier League and La Liga.
The report has stated that Inter Milan are only surviving right now because of selling two players last summer; Marcelo Brozovic to Al-Nassr for $20 million and Andre Onana to Manchester United for $57 million.
The club’s current debt stands at $898 million, although it is down from last year’s number which was $980 million.
..
