According to the American magazine Forbes, the Chinese conglomerate “Fosun” has debts in the billions. The company’s portfolio also includes the GC football club.
the essentials in brief
- Will the Grasshoppers soon be in financial trouble?
- The club’s Chinese owners are apparently having problems with the financial crisis.
- According to Forbes, the company’s debt is around 100,000 million dollars.
In the spring of 2020, GC will be sold to Chinese investors. Fosun International, a multi-billion dollar conglomerate, takes over the Zurich club.
Advance after takeover
Jenny Wang becomes the new owner of the record champion. She is the wife of Guo Guangchang, the co-founder of «Fosun International». With Sky Sun, the new owners smuggle in another Chinese as the club’s CEO or president.
Also thanks to investor payments, GC is later promoted to the Super League. And it has been in the House of Lords ever since. However, the Chinese owners are now apparently in financial difficulty.
Billions in debt
At the end of October, the American magazine Forbes reported that Fosun International had debts in the billions. In total, they should amount to around 100 (!) billion dollars.
According to Forbes, the problem is the company’s acquisition frenzy. “In addition to GC, Fosun also owns Wolverhampton, for example, which is currently bottom of the Premier League table. The portfolio also includes Portugal’s largest bank, Millennium BCP, and the owner of the Club Med resort.
Fosun needs to sell assets
According to the business magazine, the Chinese conglomerate borrowed heavily to finance these acquisitions.
Analysts are now concerned that “Fosun” may not have the cash to cover its debt in the near term. To prevent this, the company must now sell assets, it is said.
Does GC now have to wait for another sale? After all, “Fosun” has not been with the Hoppers for a long time. And it is that the company is involved in the biggest crisis in its history.
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