On August 1st, Portuguese media outlet “Bola” reported that Suning Group is planning to acquire Portuguese Second Division team Portimonense.
According to reports, Suning Group is in talks with Portimonense, with the transaction expected to be around €80 million. Sources say that Portimonense shareholder Odouro Fonseca is negotiating with Suning Group, with a 12-month transition period for the handover. The acquisition is expected to be completed in 2025.
Portimonense was founded in 1914 and played in the Portuguese First Division last season. However, they finished third from bottom and lost in the promotion/relegation playoff, meaning they will compete in the Portuguese Second Division in the 2024/25 season.
Previously, due to failure to repay €395 million in debt on time, American fund Oaktree Capital officially took over Inter Milan, ending Suning Sports’ eight-year reign.
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