The owner of English Premier League club Leeds United is considering a bid for Inter Milan, one of Italy’s most storied football teams and worth an estimated €1 billion ($1.1 billion).
(Bloomberg) — The owner of English Premier League club Leeds United is considering a bid for Inter Milan, one of Italy’s most storied football teams and worth an estimated €1 billion ($1.1 billion).
Andrea Radrizzani’s Aser Ventures, which has a majority stake in Leeds, is among the investors mulling an offer for the Italian club, according to people familiar with the matter. They asked not to be named as deliberations unfold. Bahrain-based Investcorp, which bid for cross-city rival AC Milan last year, is also a potential bidder, they said.
Representatives for Aser, Investcorp and Inter Milan declined to comment on the offers. Newspaper Il Sole 24 Ore has reported that Investcorp is looking to put together a group of Bahraini investors to purchase Inter, which has been struggling with debt, rising salaries for players and lower broadcast revenue in Italy compared with the Premier League.
There are also still a few hurdles before an offer can materialize. Firstly, it’s contingent on Radrizzani selling Aser’s stake in Leeds to the investors behind American football franchise San Francisco 49ers at the end of this season. They currently own a 44% stake in the English club.
That deal is conditional on Leeds staying in the Premier League as a minimum, the people said. The team is only two points clear of the relegation zone and was beaten 5-1 at home by Crystal Palace last weekend.
Milan-born Radrizzani is a sports rights entrepreneur who sits on the board of DAZN Group Ltd., a streaming platform backed by billionaire Len Blavatnik. Radrizzani bought Leeds in 2017 as the team competed in England’s second tier. It won promotion three years later.
Inter Milan is one of the most successful clubs in Italy and was the last Italian team to win the Champions League, lifting the coveted trophy in 2010 under manager Jose Mourinho. Andrea Sartori, the founder of sports business consultant Football Benchmark, valued the club at about €1 billion.
Chinese investor Steven Zhang helped revive Inter’s fortunes after buying a majority stake in 2016, with Inter Milan winning Italy’s Serie A for the first time in 11 years in 2021.
While its performance on the pitch improved, Inter’s financial metrics deteriorated. Like at other Italian clubs, debt and losses ballooned during the pandemic and Zhang had to look at alternative options. The club had to seek emergency financing from Oaktree Capital Management, which issued a €275 million credit line coming due in May 2024.
–With assistance from Daniele Lepido, David Hellier and Thomas Gualtieri.
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