Revealed – Saudi Arabia Sovereign Wealth Fund PIF Tried To Buy Inter Milan From Suning In 2021 | OneFootball

Saudi Arabian sovereign wealth fund Public Investment Fund (PIF) reportedly tried to acquire ownership of Inter Milan from Suning in 2021.

According to Gazzetta dello Sport via FCInterNews, the Newcastle United owners inquired about purchasing the Nerazzurri in 2021.

It was roughly the same period when Antonio Conte inspired the Italian powerhouse to their 19th Scudetto.

However, the then-president Steven Zhang turned down the approach as he was still hoping to retain the club.

Meanwhile, PIF assumed control of Newcastle in 2020, turning the club’s fortunes around after years of steady decline.

The Magpies’ recent struggles under Eddie Howe have caused unrest among the senior PIF management.

Saudi Arabia Sovereign Wealth Fund PIF Tried to Buy Inter Milan from Suning In 2021

Reports indicate that the conglomerate from the Middle East is contemplating selling Newcastle.

After steering the club back to the UEFA Champions League, PIF consider canceling their financial backing.

The same thing could’ve happened to Inter had it not been for Zhang’s wise decision-making.

Despite his inability to repay his debt to Oaktree, Zhang had always worked in Inter’s best interest.

However, turning down the lure of petrodollars at the time of the financial crisis in 2021 seemed wrong.

Zhang was right, though.

Therefore, his decision to reject PIF’s advances now feels like a blessing in disguise.