Former Inter Milan owner goes bankrupt.

Zhang Jindong, the former owner of Inter Milan, lost all his personal assets during the restructuring of nearly 30 billion euros in debt.

Zhang Jindong made his mark at Inter Milan.

Zhang Jindong was once the driving force behind Inter Milan's success, but is now becoming a symbol of China's massive financial collapse.

The founder of Suning has been confirmed to have lost all of his personal assets during the group's massive debt restructuring.

According to sources from China, the restructuring plan involving Suning and its 38 subsidiaries has been finalized by the Nanjing Intermediate People's Court.

The total debt amounted to 238.7 billion yuan, equivalent to approximately 29.9 billion euros. To settle this debt, Zhang was forced to use all of his personal assets as collateral.

Real estate, stocks, financial assets, and even his art collection were all put up for auction or transferred. All proceeds were used to pay off creditors. As a result, Zhang was left with virtually no free assets, as the rest had been transferred to a trust.

This collapse stemmed from Suning's overly rapid expansion strategy between 2016 and 2020. The group raised over 180 billion yuan through bank loans and bonds, many of which were personally guaranteed by Zhang.

The 2020 pandemic caused revenue to plummet, the financial system to become congested, and losses to exceed 40 billion yuan in 2021.

Despite attempts to sell assets to salvage the situation, the complex debt structure rendered all solutions ineffective. Zhang's most valuable assets, from luxury villas to works of art, were gradually liquidated.

Zhang Jindong's story serves as a warning about the financial risks in modern football. Success on the pitch, as in the case of Inter Milan, cannot mask the immense pressure from behind the scenes.

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Source: https://znews.vn/chu-cu-inter-milan-vo-no-post1636877.html