MILAN - Suning Group is facing a devastating financial crisis due to the Covid-19 pandemic. This has an impact on two of its assets, namely the Italian Serie A club Inter Milan and the Chinese club Jiangsu FC.

Reporting from Italian Football , Thursday (25/2), Suning is in talks with BC Patners to sell it. The debt payment option is reportedly included in the negotiations.

The worst fate could befall Jiangsu FC. Suning not only has the option to sell, but can even completely dissolve it, according to the Titan Sports Plus report. This was done because the club had debts of around € 63.77 million, most of which was unpaid wages.

The club can be sold for a penny if someone is willing to pay the debt. If you don't want to, the club can just be dissolved.

Suning Group has publicly stated that they are facing serious financial problems. They must immediately take steps to save the company by reducing assets other than their main business, namely retail.

Earlier, Inter Milan Chief Financial Officer Tim Williams confirmed Suning was in talks to get financial assistance following Inter's salary bill was slightly higher than the club wanted. Williams is still working despite submitting a letter of resignation from his position last January. Today, Monday (22/2), he spoke with investors for Inter Media and Communications.

"Like many other clubs, both in Italy and across Europe, we have reached an agreement with several partners to postpone payments as part of efforts to manage our working capital," Williams said in a statement, quoted by Football Italia.

Apart from seeking financial assistance, Suning also has the option to sell a majority stake. Although Suning expressed his commitment to supporting the club financially both without or with outside support, seeking help was a wise move.

“With this in mind, Suning has appointed key consultants in Asia to work with them to find suitable partners, be it equity injections or otherwise. Discussions with major potential partners in this matter are ongoing, "he said.