Saudi Arabia to Buy Inter Milan, As an Attempt to Whitewash Its Criminal Face

Saudi Arabia to Buy Inter Milan, As an Attempt to Whitewash Its Criminal Face
Saudi Arabia to Buy Inter Milan, As an Attempt to Whitewash Its Criminal Face
News – World: Italian Serie A champions Inter Milan are reportedly close to signing off a sale to Saudi Arabia’s Public Investment Fund (PIF) as the country expands its football portfolio and its push into the football economy. The American newspaper, International Business Times, confirmed that the Saudi Public Investment Fund is putting the final touches on the deal.
The newspaper estimated the purchase of the club from the Chinese company that owns it, at 884.109 million euros (about one billion dollars), noting that the paperwork will reach the headquarters of Inter during the next few days. The Chinese company, Suning, is living in a financially unstable situation, in light of the new restrictions imposed by the Chinese government, on investing in football, which prompted it recently to stop the activity of the Chinese Jiangsu team, which it also owns.

Inter Milan are currently majority owned by China’s Suning Holdings that have run into financial difficulties domestically and were forced to close Chinese Super League champion club Jiangsu just three months after winning the titles.
The Suning Group wants to get $200 million from the sale of Inter Milan shares, to end its economic crisis. Last month, a consortium led by the Saudi Public Investment Fund acquired Newcastle, the English Premier League, which is ranked second-to-last in the Premier League and has not achieved any victory in 11 games.

Saudi Arabia’s Public Investment Fund (PIF) announced on October the acquisition of English Premier League side Newcastle United. PIF has bought 80% of the club
Media reports have repeatedly promoted Saudi attempts to buy Inter Milan and Fiorentina in the Italian League, as well as Marseille in the French League.

Riyadh is adopting a new approach by investing in giant clubs, as part of its plans to improve the Kingdom’s image globally, which human rights organizations criticize as an attempt to whitewash its reputation in the field of human rights.

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