Saudi sovereign wealth fund close to '$1 billion takeover' of Inter Milan: report

A Saudi sovereign wealth fund is close to buying out the current owners of the prestigious Italian football club Inter Milan for $1 billion, according to reports.

Saudi Arabia's Public Investment Fund (PIF), which recently led a consortium in the takeover of English football club Newcastle United, would become a majority shareholder in the Serie A team "in the coming days", the International Business Times reported.

Inter Milan had a successful 2020-21 season, winning the Italian league for the first time in 11 years.

However, like other Serie A teams, Inter Milan has suffered hundreds of millions of dollars worth of financial losses in recent years.

Rumours over the potential takeover of Inter Milan have been brewing for some time.

Italian media reported in October 2021 that the PIF had for months shown interest in buying a stake in the club.

Italian daily Libero reported that the club's current owners, privately-owned Chinese company Suning Holdings Group, met with a Saudi delegation in Italy to discuss a possible buyout to the tune of $1 billion.

However, Amanda Staveley, the English businesswoman who orchestrated the PIF-led takeover of Newcastle United, reportedly said in November that the fund decided against investing in Inter Milan because the structure of the Italian league is "a mess".

Shortly after, the PIF purchased Newcastle United.

The PIF-led buyout of Newcastle United in October was drawn out and controversial.

Human rights organisations and the majority of clubs opposed the decision, and a number of Premier League clubs complained they had not been properly consulted before the Saudi sovereign wealth fund purchased the northern team.  

Riyadh denied that the Saudi government would interfere in the running of the club in any way.

As part of the Saudi Vision 2030 project, Riyadh has looked to diversify its economy and move it away from oil dependency. It has made investments in sectors including education, technology, and tourism.

Within the sports sector, Saudi Arabia has invested in the McLaren Group, which manufactures luxury as well as Formula 1 and other motorsport cars.