Newcastle owners PIF in ‘very advanced negotiations’ to buy Inter

Date published: Friday 12th November 2021 3:04 - Joe Williams

Newcastle United gates

Saudi Arabia’s Public Investment Fund [PIF] are ready to add Inter Milan to their portfolio following the purchase of Newcastle United, according to reports in Italy.

It was claimed earlier in the week that PIF had “reopened negotiations” to buy Serie A side Inter after it was said they found the Magpies “unattractive”.

And now football agent Massimo Brambati – who used to play as a defender – has backed up those claims and insists that negotiations are “very advanced”.


Gossip: Newcastle eye Man Utd trio, Barca’s tiny January budget


“A transfer agent told me, ‘get ready because Inter are going to the owner of Newcastle’. I know of very advanced negotiations,” Brambati told TMW Radio (via Sport Witness).

Suning Holdings Group and PIF have reportedly been in talks over a takeover but former Inter CEO Ernesto Paolillo thinks it could be a long time before a deal goes through.

Speaking to Gianluca Rossi’s YouTube channel, Paolillo said: “Whether or not there is a foundation, only Zhang knows. These negotiations, if any, take place only between the buyer, especially in a case like the sovereign wealth fund of a huge, powerful and very rich country like Saudi Arabia, and Suning. So, I believe that these things don’t even pass through the Milan offices.

“Absolutely not [if Marotta and Zhang denying means there’s no negotiations]. However, I believe that the date of November 19th is actually unrealistic. In such a short time nothing is done. The due diligence has not even begun.”

On the Suning ownership, Paolillo added: “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. Let’s not forget that in the last month alone, commodity prices in China have increased by 13%. China inevitably becomes less competitive.

“Right now, I see it difficult for China to reopen its doors to foreign investments that are not based on mere productivity and which are based only on football, which is not in the interests of the Chinese.

“Giving up now would be absolutely inexpensive. What gives football clubs value is the stadium they own, because it allows them to enrich their revenues in a remarkable way, if operated intelligently.”

On whether it would’ve made sense buying Inter before the Premier League side, Paolillo continued: “The prince has always been extremely supportive of the English and Newcastle, it’s a matter of the heart. Can Inter be there after Newcastle? Absolutely, yes. The future in the football industry is in the team network.”

 

More Related Articles