PIF Takeover of Inter Milan
Updated: Feb 24, 2022
Serie A club Inter Milan has been purchased by the Saudi Arabian Public Investment Fund (PIF).
The PIF will pay a price of US$1.180B (£876M, €1.050B) and the majority of shares will be controlled by Saudi state owned vehicles. It is as yet unknown as to when the deal will be publicly announced.
In terms of how the shares will be divided amongst the various stakeholders, Saudi Aramco will own 51%, PIF 23%, Zhang 25%, and a small investor will take the remaining 1%. Zhang himself will also remain a board member at Inter.
With regards to the leadership structure, Nicola Volpi will be the new President of Inter Milan. He was selected due to having previously been on the board. Additionally, Volpi has experience in business dealings with the PIF as a board member with Pagani Automobili.
He assisted the PIF in acquiring a 30% stake in Pagani Automobili in November 2021.(https://www.motorauthority.com/news/1133320_saudi-arabia-buys-30-of-pagani).
He will be assisted by former player Javier Zanetti, who will remain as Inter Vice-President. Current Manager Simone Inzaghi will also remain in his job, as will Sporting Director Piero Ausilio.
Incumbent CEO Giuseppe Marotta will also remain in his position after the purchase. As revealed exclusively on Twitter months ago, a new contract he is set to sign will tie him to the club until 2024. There is a release clause in the new deal which stipulates that Marotta can leave his position at the club whenever he desires.
As things stand he is the incoming CEO of the European Super League, a project whose comeback was also exclusively revealed some time back. More juicy details to come, starting with the UEFA vs ESL court battle in March 2022.