Inter Milan is issuing $468.3 million in new debt to pay off old debt.

The Serie A club is juggling its finances as it continues to be weighed down by pandemic-related losses. The senior secured notes, issued by its broadcast, media, and sponsorship division Inter Media and Communication, will be due in 2027.

• The team said that the new cash would be used to pay off secured notes due this year and repay its revolving credit line.
• The previous bonds were worth $423.2 million, along with a $56.4 million credit facility.
• The team hired Goldman Sachs to work on refinancing its debt, reportedly mandating the bank launch a new bond of roughly the same size as its previous one. The new bonds were graded B+ by ratings agency Fitch.

Winning On Field, Losing Off

Inter Milan said it earned $80.4 million in the third quarter of 2021, down 40.4% from $134.9 million the previous year. The club’s $277.2 million loss in their championship-winning 2020-2021 season was the highest ever by an Italian soccer team.

In December, Inter Milan and AC Milan announced a new stadium project slated to cost $733 million.

However, the team may soon access a new source of funds: The Public Investment Fund, Saudi Arabia’s sovereign wealth fund, is reportedly closing in on a $1 billion purchase of the team.

Savvy Gaming Group has purchased esports tournament and league operators ESL and FACEIT for a combined $1.5 billion to form the ESL FACEIT Group.

Fully backed by Saudi Arabia’s Public Investment Fund, Savvy Gaming will “fuel ESL FACEIT Group growth with significant long-term investment.” The company was formed in 2021.

ESL Gaming, which reportedly made up $1 billion of the total, formed in 2020 after ESL merged with Dreamhack — both were owned by the Modern Times Group.

• ESL is reportedly one of the biggest esports tournament organizers in the world, primarily known for its Counter-Strike: Global Offensive and Dota 2 tournaments as well as the ESL Pro League. 
• FACEIT, which is privately owned, also hosts tournaments for CS:GO, League of Legends, Rocket League, and others.

The deal is expected to close in Q2 2022 pending regulatory approval.

Saudi Arabia’s Sports Investments

The country’s sovereign wealth fund is led by Prince Mohammed of Saudi Arabia, who has described himself as part of the country’s first generation of gamers. In the fourth quarter of 2020, the PIF acquired $3.3 billion worth of stock in Activision Blizzard, Electronic Arts, and Take-Two Interactive. 

The PIF also recently purchased the Premier League’s Newcastle United for $409 million.

Athletic Greens has raised $115 million in new funding that values the nutritional powder maker at more than $1 billion. 

Led by Alpha Wave Ventures, the funding round included new investor and e-commerce entrepreneur Mark Vadon and returning investors SC.Holdings and Bolt Ventures. 

Athletic Greens will use the new financing to accelerate the growth of its subscriber base through increased digital and offline distribution. The company will also use the fresh capital for scientific research, launching new products, and broadening the brand’s geographic reach. 

• The company offers a single 75-ingredient product called AG1.
• Its 30-serving powder package sells for $99 or $79 with a monthly subscription. 

The latest funding follows an initial investment round in July 2021, the company’s first raise with strategic outside investors. The round — led by SC.Holdings — included Formula 1 driver Lewis Hamilton and U.S. gold medalist Shawn Johnson. 

Financial terms were not disclosed, but Athletic Greens has a $150 million revenue run-rate. 

Growth & Innovation

Athletic Greens will be looking for emerging web3 opportunities and will continue to reach new customers through its network of digital content creators and partners. 

The remote-only company, which expects to triple its workforce in 2022, has operations in North America, Europe, China, and New Zealand.

Editor’s note: SC.Holdings is an investor in FOS.