Saudi Arabia finalises purchase of Inter Milan
Saudi Arabia's Public Investment Fund (PIF) is increasing its presence in professional football with the new $1 billion purchase of Serie A side Inter Milan. Gulf circles have given a thumbs up to the Saudi Investment Fund's efforts to acquire the Italian football team that builds the foundations of Saudi influence in the West, something already being done by other countries such as the United Arab Emirates and Qatar.
The Suning Group, owner of Inter Milan, began the search for investors capable of tackling the club's financial difficulties. Finally, it has been announced that it will be Saudi Arabia who will buy the Neroazzurri. It is expected that preparations for the deal could be completed by next week, when the Giuseppe Meazza outfit will officially announce the purchase of the club by the Arab investment fund. Inter Milan could embark on a new phase that will allow them to turn the club in the short term into a team capable of making top international signings and become one of the best teams in Europe in the coming years.
The acquisition of the Italian team, after Newcastle in England, could make Saudi Arabia, according to the Gulf country's plans, a new cultural centre open to develop tourism and entertainment plans to attract international football stars and football fans from all countries. This could offer a new image of Saudi Arabia as a centre for sports investment to new companies through advertisements and sports broadcasts, as was the case with the purchase of Newcastle. Their most fanatical supporters began to draw attention to the way they dressed, wearing Saudi clothes and scarves, as well as carrying the Kingdom's flag around the countries in which the English team played.
However, unlike Newcastle, who could be considered a second-tier team, Inter Milan could be compared to the same level as the Big Six teams in the Premier League, as the Milanese side were last year's Italian champions. The deal could make Inter one of the richest clubs in the world, especially given their severe financial crisis, which has prompted their presidency to sell two of their best players, Belgian Romelu Lukaku and Moroccan Ashraf Hakimi, as well as sacking coach Antonio Conte.
The new purchase by the Saudi Investment Fund, which has a wealth of 400 billion euros, also raises fears among the owners of other clubs that Inter or Newcastle could kill off the competition, something that has already arisen with the purchase of Manchester City by the United Arab Emirates and Paris Saint-Germain by Qatar.
In any case, this new purchase could open up new investment opportunities, in addition to achieving great success with a strong Saudi and other Gulf countries' presence in sports and international investment.
