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In an outrageous news coming from Italian football, it has been reported that Saudi Arabia's Public Investment Fund (PIF) are very close to complete the takeover of Serie A club Inter Milan. The deal has reportedly already been reached amongst the parties concerned with only a minor documentation work left before it can be made official.
As reported by football transfer journalist Kello Samuel, the club has been purchased for an astonishing amount of $1.380 billion (€1.218 billion/ £1 billion) with the PIF holding 99% shares in the club. He also confirmed that the news of deal will become public in coming days with last few pieces of paperwork slated to arrive in Milan next week.
"The Public Investment Fund (PIF) will have 49% shares , Aramco 45% shares and the 5% will be held by Crown prince Mohammed Bin Salman himself through one of his companies. The other 1% will be held by small shareholders," the journalist added.
Why are Inter Milan's owners selling the club?
The owners of Inter Milan are a Chinese firm - Suning Holdings Group. The organization has suffered huge losses during the COVID-19 pandemic which has had a huge impact on the operation of club in recent time. Despite winning the Serie A title last season, Inter were forced to sell star players like Romelu Lukaku, Achraf Hakimi and even had to part ways with manager Antonio Conte.
Reflecting on the current situation at Inter with the Chinese owners, former Inter CEO Ernesto Paolillo recently said, "I’m not serene at all. The situation is what it is, in China and throughout the Asian sector we are experiencing a worrying phase."
This is one of the main reasons behind this whole takeover situation and it would be a delightful news for Inter fans. Having already bought Newcastle United in England, the takeover of Inter Milan would allow the Saudi-led group to have further say in world of football.
Once it becomes official, the club would now be able to spend quite a lot of money in the transfer market which would help them to become a force to reckon with in European football once again, just like the old days.