Football (Soccer) Thread

[The Larch]

So apparently Inter Milan are now partially owned by the Chinese state... 

Article is from march, but I just became aware of this situation now.

Inter Milan owner Suning sells 23% stake to state-owned investors
Embattled retailer reportedly looking to move away from sports

SHANGHAI -- Chinese retailer Suning.com, the owner of Italian Serie A leader Inter Milan, will sell 23% of its shares to several state-owned investors including Shenzhen International Holdings, hoping to tap the logistic company's expertise to escape a downturn exacerbated by the coronavirus pandemic.

Suning will unload part of the 40% stake held by founder Zhang Jindong and group companies for 14.8 billion yuan ($2.29 billion), according to a company statement. Zhang will continue to lead operations as it works toward recovery.

Originally a seller of household appliances, Suning has grown into one of China's largest retailers, operating department stores, convenience stores and more. E-commerce heavyweight Alibaba Group Holding holds a roughly 20% stake in Suning.

Suning has expanded aggressively, such as by acquiring Japanese duty-free store operator Laox and buying the Chinese operations of French supermarket chain Carrefour in 2019.

But its dogged pursuit of scale has backfired in recent years, with the pandemic exacerbating its woes. Suning is currently shutting down a large portion of its brick-and-mortar appliance stores. Preliminary results announced Saturday placed the company's net loss for 2020 at 3.9 billion yuan, a stark turnaround from a 9.8 billion yuan profit the year before.

The retailer also announced Sunday that it will cease the operations of Jiangsu Football Club, the defending champions of the Super League, China's top professional soccer league.

Suning bought the team in December 2015, several months before it purchased a majority stake in Inter Milan.

Jiangsu Football Club is 500 million yuan in debt, local news outlets report.

Suning is looking to sell the team, but wants the new owners to take over its debt as well. Jiangsu may be forced to disband if no buyer can be found.

Speculation is also growing over the fate of Inter Milan, the prestigious Italian soccer club that Suning paid around 270 million euros for.

China's official Xinhua News Agency quoted sources in a Monday report saying Sunning "is in financial trouble and it will pivot its business away from sports."

That those guys, also owners of Jiangsu, the current Chinese champions, could just "cease operations" of that team is somehow flabbergasting. And we're not talking of a brand new franchise style team, but one with more than 60 years of history (albeit only professional since the 90s).

[Sheilbh]

Barney Ronay had a very good piece on this:
https://www.theguardian.com/football/blog/2021/may/14/china-investment-inter-scrutinise-owners

[The Larch]

I actually realized this situation through that article.

[Josquius]

Fascinating that a company can make just shy of 10 billion one year, lose 4 billion the next, and then be on the verge of bankruptcy.
A core problem with modern capitalism right there.

In football...
Apparently it was the FA Cup final and Leicester won. They're very happy about this. Which is nice. Too often it's won by teams who don't much care.

[FunkMonk]

Good to see a nicely run club like Leicester City win against noted corrupt super league fraud and Russian plaything club Chelsea.

[Jacob]

Good to see a nicely run club like Leicester City win against noted corrupt super league fraud and Russian plaything club Chelsea.

[Tamas]

Thai oligarch defeats Russian oligarch

[Jacob]

Thai oligarch defeats Russian oligarch

If you hate both teams, you can always celebrate that at least one side lost

But in this case, only one side were in the despicable Super League.

[Sheilbh]

Yeah - also Leicester were the under-dogs so obviously you should prefer them unless you're a Chelsea fan

[Liep]

Thai oligarch defeats Russian oligarch

https://twitter.com/sportbible/status/1393636363002593291

Leicester's oligarch gets a few plusses for this celebration.

[Sheilbh]

https://twitter.com/sportbible/status/1393636363002593291

Leicester's oligarch gets a few plusses for this celebration.

Yeah - fans normally like their oligarch (I'm as guilty as anyone of this).

But I think there is a slightly deeper emotional connection at Leicester given the death of his father and, obviously, the incredible league win (and now cup win).

[Tamas]

Yeah - also Leicester were the under-dogs

They are 3rd in the league 2 points clear of Chelsea for crying out loud.

[celedhring]

Tamas, are you pumped for the Women's Champions' League final today between Barça and Chelsea?

I've decided this is the most important trophy that will be awarded in 2021.

[Josquius]

Tamas, are you pumped for the Women's Champions' League final today between Barça and Chelsea?

I've decided this is the most important trophy that will be awarded in 2021.

[Liep]

Tamas, are you pumped for the Women's Champions' League final today between Barça and Chelsea?

I've decided this is the most important trophy that will be awarded in 2021.

I agree and I'm rooting for Chelsea primarily if not only because of Pernille Harder. :rødgrødmedfløde: