The Zhang family, former owners of Inter Milan, are facing significant financial challenges as creditors pursue unpaid debts amounting to €300 million. These creditors, including the English Premier League, have sought assistance from the Hong Kong Court to secure the amounts owed by PPLive, a media company owned by the Zhang family.
Legal Battle in Hong Kong and Shanghai
Italian news site Calcio e Finanza detail how several creditors of PPLive Sports International Limited, a media company under the Suning Holdings Group, have approached the Hong Kong Court for help. They have requested the Shanghai Court’s assistance in recovering the debts owed by the Zhang family. PPLive, established in 2017, had acquired the rights to broadcast Premier League matches in China for the 2019/20, 2020/21, and 2021/22 seasons. However, in August 2020, PPLive abruptly terminated the agreement without paying the remaining dues, leading to a legal battle.
Premier League’s Legal Victory
The Premier League took legal action and won a favorable judgment from the High Court in January 2022. This judgment allowed the Premier League to seek the liquidation of PPLive Sports, which was granted by the Hong Kong Court in June 2022. The liquidators identified four main creditors owed a total of approximately €300 million, including:
– The Football Association Premier League Limited: $224.6 million (€206 million)
– Great Mercury LTD (another Zhang family company): $79.3 million (€73 million)
– Bank of Shanghai: €20.9 million
– California-based law firm Quinn Emanuel: $550,000 (€500,000)
Ongoing Investigations and Legal Proceedings
Despite efforts by the liquidators to communicate with various parties, no significant responses have been received. Consequently, the Hong Kong Court has issued a ruling requesting the Shanghai Intermediate People’s Court No. 3 to recognize and assist in the liquidation process. If approved by the Chinese court, creditors could pursue their claims in China to recover the amounts owed by the Zhang family’s company.
Broader Financial Troubles
The Zhang family’s financial issues extend beyond this case. They are also involved in a lawsuit in Milan over unpaid debts to China Construction Bank Asia, following the loss of Inter Milan to Oaktree Capital Management. The family’s financial woes have attracted significant attention, highlighting the complex web of debts and legal battles they face both domestically and internationally.
