Suning Completes Takeover Of Inter Milan, Increases Club's Capital By $269M

Suning increased Inter Milan's capital by €242M ($269M) as it "took over and nominated a new board of directors," according to FOOTBALL ITALIA. 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 Owner Jindong, heading a group of Chinese directors that comprises Ren Jun, Mi Xin, Yang Yang, and Liu Jun. The board still includes club President Erick Thohir. Thohir is expected to sell "the remainder of his minority shares to Suning." The Chinese business group increased Inter's capital by €142M ($158M) when it purchased the shares and added another €100M ($111M) 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 its need to meet FIFA's Financial Fair Play regulations, which demand "a balance" between a club's debt and its revenue (FOOTBALL ITALIA, 6/29).