The Zhang family’s financial problems due to unpaid debts show no signs of abatingformer owner of Inter until a few weeks ago. Not only the lawsuit brought to Milan by China Construction Bank Asia, but also another proceeding for unpaid debts by a company in the Zhang galaxy towards other creditors, including in particular the Premier League English.
As reported by Football and Financethe Hong Kong Court has dealt with the request by four creditors against PPLive Sports International Limitedwhich acquired the rights to broadcast Premier League matches in China for the 2019/20, 2020/21 and 2021/22 seasons. However, on 26 August 2020, PPLive announced in a letter to the Premier League that it had decided to terminate the agreement, without paying any further fees than were due. The English league then filed a lawsuit, obtaining a judgment in its favour from the High Court in January 2022. A ruling that the Premier League used to seek the liquidation of PPLive Sports from the Hong Kong Court, a request obtained in June 2022.
300 million requested.
The Hong Kong Court, as reported by Football and Financeexplained: “Although the liquidators have communicated with various parties in relation to the investigation, no meaningful response has been received from the parties concerned”. This is why the same Court has issued a ruling according to which it will ask the Shanghai Intermediate People’s Court No. 3 “to recognize and assist in supporting the liquidation of the Company and its liquidators”. If the Chinese Court also gives the green light, the creditors could thus also seek redress in China to obtain what is owed, approximately 300 million euros, from the Zhang company.