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Newcastle United St James' Park Stadium Tour

The St. James' Park stadium tour lets you explore behind the scenes of this iconic stadium.

The tour captures the rich history of our magnificent stadium - the club’s home since 1892.

Whether it’s walking down the tunnel or sitting in your favourite player’s seat in the home dressing room or snapping your selfies pitch side there is something for everyone to enjoy.

The Media Suite will provide a fascinating insight into what happens at St. James’ Park on a matchday. See where the manager delivers his post-match press conference and where player interviews are filmed and beamed all around the world.

You will also be taken to one of the highest points of the stadium where you will hear the roar of the crowd as you are led out to the Magpie’s view of St. James’ Park.

Meet outside Northumbria Students' Union at 2:30pm.

Book your ticket via the button below.

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Group Tours

Something for everyone

Located in the heart of the city, St. James' Park rises proudly from Newcastle's iconic skyline.

Our stadium tours capture the rich history of our magnificent stadium - the club's home since 1892. Our specially designed location boards and amazing squad of knowledgeable tour guides will give you deeper understanding of the club and its proud heritage.

If you are interested in booking a group tour, please click the link below.

Stadium tour group booking form

For more information or to book a group tour, please contact our dedicated tours team on 0191 201 8704 or to email [email protected] .

Terms The safeguarding and welfare of all visitors is of paramount importance to us and we expect all visitors to share this commitment. To ensure the safety and security of all visitors, luggage cannot be brought into St. James’ Park. Bags cannot be left anywhere during the tour. Due to Stadium Operations, there may be times when certain areas of the tour route are closed. To read the full Stadium tours Terms and Conditions, visit  here .

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Newcastle United Stadium Tours

Draped in history, with a pitch graced by some of the greatest players to have graced the English game: Newcastle United stadium tours are a must for any Magpies fan. Whether you fancy exploring the iconic St. James’ Park yourself, or you’re looking for the perfect gift for a Newcastle fanatic, we’ve got you covered, with tours for one, for two or the whole family. Home to Newcastle United since 1892, a 90-minute stadium tour will allow you access to areas normally off-limits to the public.

Newcastle United FC Stadium Tour

• Local guide
• Professional guide
• Tour escort/host
• Entry/Admission - St James' Park
• Not available on Match Days
• Pay and display parking only
• Wheelchair accessible
• Travelers should have a moderate physical fitness level
• Children under 14 years must be accompanied by an adult
• For a full refund, cancel at least 24 hours in advance of the start date of the experience.

• thirtyeightjay 0 contributions 5.0 of 5 bubbles The Best day out !!! After living in Newcastle all my life and being a lifelong fan we finally decided to take the stadium tour today !! All I can say is it was fabulous , our tour guide Carol was soo knowledgeable about the stadium, the players and the game it was an absolute pleasure to listen to her so thank you , and Jack the other guide was so good too very helpful and polite xx Would definitely recommend anyone to go and see how amazing our stadium is , what a day !!! Love Susan, Jacqui (birthday girl) and Amanda Read more Written May 19, 2024
• Q7955YQem 0 contributions 5.0 of 5 bubbles Excellent The tour was fantastic, very informative, plenty of time to look around and take as many pictures as you want. Guides interacted well with the group and got everyone involved in the tunnel walk. Would highly recommend Read more Written May 19, 2024
• paul19602013 0 contributions 5.0 of 5 bubbles One of the better stadiums One of the best stadiums in the country, oh how it had changed since I last visited 45 years ago. Great atmosphere although its a long walk up to the visitors part of the ground.Very impressed Read more Written May 15, 2024
• donnamK6751IW 0 contributions 5.0 of 5 bubbles The perfect tour guide A massive thankyou to our tour guide Jack today. As a visiting football team, he managed to keep the boys attention perfectly and told them lots of interesting facts. Would definitely recommend this ⚽️ Read more Written May 12, 2024
• ZF63 0 contributions 5.0 of 5 bubbles Newcastle Stadium tour This was part of my Birthday present and I am also a fan. Firstly the staff were very informative , but not in a stuffy boring way. As others have said there were all kinds of people on the tour from all over the world and only some of them were fans. The lead host ( Carol ) was very engaging and was very tolerant of all the persons on the tour affording extensive insights into history and allowing everyone to have a lot of access. I would say this was outstanding value for money and I was surprised about how much I learned from the inside and also all the various areas we were allowed to go. All the other patrons on the tour were also very polite and friendly. You also get a discount on Shearers bar which i found also to be high quality. Read more Written May 9, 2024
• lisapP7987NP 0 contributions 5.0 of 5 bubbles Absolutely fantastic Well what can I say absolutely fantastic tour my husband is a massive fan and has always wanted to go to St james park so I booked him tickets for the tour and was not disappointed the tour was fantastic very informative the tour guides carol and jack were amazing and done a wonderful job even taking photos for us as well it lasted 90 minutes and was so surprised we seen some much for the price of the ticket would definitely recommend to all newcastle united fans definitely worth the 11.5 hours round trip Read more Written May 8, 2024
• L8407ZMlindac 0 contributions 5.0 of 5 bubbles St James tour Had a brilliant tour with Chris and Martin so informative We were all over the ground and dressing rooms and learned lots of facts Took loads of photos from various place would definitely recommend We had a great time Read more Written May 6, 2024
• FarAway42388367731 0 contributions 5.0 of 5 bubbles Fab experience with excellent staff. Great experience, My husband was given this towards his 70th birthday present. I was not sure about going as I'm on crutches but so pleased I went . Keith &Susan wre great , Keith was full of knowledge & he had great banter 👏. Well worth a visit 5 🌟 Read more Written May 5, 2024
• angelafI2566CJ 0 contributions 5.0 of 5 bubbles Roof top tour Brian and Carol were brill tour guides. Very informative. Loved the tour, even coped with the height. Thank you very much 😊 Read more Written May 4, 2024
• clairesR43BV 0 contributions 5.0 of 5 bubbles Fabulous tour. Great value. Excellent tour. Jamie, our guided, was great. He was lovely with the kids and very knowledgeable. I would highly recommend. Read more Written April 21, 2024
• 74stephen_bell 0 contributions 5.0 of 5 bubbles What place to see and find out things Had great day round newcastle united stadium we went all over the stadium nice to find some history which I did not know got to the pitch went in to the dressing room what great day it's must Read more Written April 20, 2024
• Guide39035831266 0 contributions 5.0 of 5 bubbles Stadium tour with Grandchildren. My wife and I took our grandsons on the Stadium tour. They are 17 & 13. Our guides were Bill and Kieran.. Bill took the lead and his knowledge was excellent. He made the tour so interesting. He mixed information with humour. The one and half hours flew over. You saw everything that went on behind the scenes player wise and corporate.We all enjoyed the experience immensely and can recommend it highly. Read more Written April 16, 2024
• jasonsX4735HU 0 contributions 5.0 of 5 bubbles Fantastic tour Great tour of the stadium Martin and Lee were our tour guides great knowledge and insight even better that Martin is a life long supporter of the club doing the tour!!! Read more Written April 15, 2024
• 955pippad 0 contributions 5.0 of 5 bubbles NUFC Amazing Tour Martin and Jack were amazing tour guides with loads of club history and funny anecdotes. Really special tour for anyone loving football but even more so for the true fan. Read more Written April 12, 2024
• joannesY2630LO 0 contributions 5.0 of 5 bubbles Top of the Toon Booked the tour for my son's birthday and loved every minute. Jamie, our guide, was so friendly, welcoming and knowledgeable and took time to engage with the kids on a one to one basis, using their names and asking about their interests thus making it more personal and making the kids feel special. The tour was well structured and paced and it was interesting seeing behind the scenes. Read more Written April 11, 2024

More to explore in Newcastle upon Tyne

Most Recent: Reviews ordered by most recent publish date in descending order.

Detailed Reviews: Reviews ordered by recency and descriptiveness of user-identified themes such as wait time, length of visit, general tips, and location information.

Newcastle United FC Stadium Tour provided by St James' Park

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Newcastle United Stadium Tours

Newcastle United Stadium Tours St James' Park, Strawberry Place, Newcastle upon Tyne, Tyne and Wear, NE1 4ST

• Find us on:

Email: [email protected] Telephone: 0344 372 1892

Choose from a range of fantastic guided stadium tours at the iconic St. James’ Park in Newcastle. Book online here.

Take a sneak peek into the inner workings of your favourite club with a tour of St James' Park . Perfect for fans young and old, there really is no better way to see behind the scenes whilst your knowledgeable tour guide gives you the full history of Newcastle United. With tours to suit all interests, from a full stadium tour to a trip to the roof top, any fan is guaranteed a real treat.

Classic Tour

The Classic Tour captures the rich history of Newcastle's magnificent stadium - the club's home since 1892.

Roof Top Tour

Soak in St. James' Park and the city's stunning horizon from one of the UK and Ireland's only stadium Rooftop Tours. You'll be accompanied by an experienced Rooftop Tour guide, ascending to a walkway 150ft above the ground to take in panoramic views of Tyneside and its landmarks.

Some of the highlights of the tour include:

• Getting to take a look inside the changing rooms
• Finding out what it feels like to stand pitchside
• Seeing the dugouts
• Finding out what happens in the Media Suite
• Seeing the view from the highest point in the stadium
• Viewing the first class Conference facilities

The tour is also complemented by a cutting-edge virtual assistant which uses technology to add many enhancements to your tour.

Please note: Stadium Tours are not available on match days.

Visiting Newcastle for a football match? Click here to head to the Newcastle United Away Fans Guide

Useful Information

Opening hours.

Stadium Tours are not available on match days.

Thursday and Fridays: 12:30 & 14:30

Saturday and Sunday: 10:30, 12:30 & 14:30

Saturday and Sunday: 12:00 & 14:00

Tour & Pub Lunch

Friday - Sunday: 12:30 & 14:30

Telephone: 0344 372 1892

[email protected]

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Newcastle United Stadium Tour

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Newcastle united stadium tour – overview.

The Newcastle United Stadium Tour is a must for any football fan visiting the North. Located in the heart of the city,  St. James’ Park Stadium rises proudly from Newcastle’s iconic skyline.

The football stadium is located in Newcastle in England and home to the football club Newcastle United F.C.. It seats over 52.000 people. Therefore, it is one of the largest football stadiums in England. Not only Newcastle United fans will find it enjoy hearing about the stadiums history and get to know interestig facts. 

The Newcastle United Stadium Tour captures the rich history of St. James’ Park , home of Newcastle United since 1892. Opening with an introduction from one of the club’s greatest living legends, the tour packs in plenty of visual and audio effects.  Virtual assistants, specially designed location boards and an amazing team of knowledgeable tour guides all combine to give visitors a deeper understanding of the club and its proud legacy.

You can enjoy a panoramic’s view of St. James’ Park and beyond from one the stadium’s highest vantage points. Also, glimpse behind the scenes at the club with a tour of our Media Suite. See where the manager delivers his post-match views and interviews with the players take place! You will also experience a walk down the tunnel to the pitch and have the chance to sit in your favourite player’s seat in the Home Dressing Room. Your tour will last approximately 1 hour 30 minutes.

On the weekends you will also get the chance to relax at the NINE Sports Bar & Lounge after the tour! In the pub you can enjoy a drink or have a snack.

You might also be interested in the Manchester United Museum Stadium Tour !

Important Information

Please make sure you check their website for availability to avoid disappointment.

Exclusions: Match Days, Bank Holidays, Christmas Day, Boxing Day, New Year's Day & Easter, match day tours or special events Please note: Some areas can be unavailable due to stadium operations

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Newcastle United FC Stadium Tour

• Local guide
• Professional guide
• Tour escort/host
• Entry/Admission - St James' Park
• Not available on Match Days
• Pay and display parking only
• Wheelchair accessible
• Travellers should have a moderate physical fitness level
• Children under 14 years must be accompanied by an adult
• For a full refund, cancel at least 24 hours in advance of the start date of the experience.

• thirtyeightjay 0 contributions 5.0 of 5 bubbles The Best day out !!! After living in Newcastle all my life and being a lifelong fan we finally decided to take the stadium tour today !! All I can say is it was fabulous , our tour guide Carol was soo knowledgeable about the stadium, the players and the game it was an absolute pleasure to listen to her so thank you , and Jack the other guide was so good too very helpful and polite xx Would definitely recommend anyone to go and see how amazing our stadium is , what a day !!! Love Susan, Jacqui (birthday girl) and Amanda Read more Written 19 May 2024
• Q7955YQem 0 contributions 5.0 of 5 bubbles Excellent The tour was fantastic, very informative, plenty of time to look around and take as many pictures as you want. Guides interacted well with the group and got everyone involved in the tunnel walk. Would highly recommend Read more Written 19 May 2024
• paul19602013 0 contributions 5.0 of 5 bubbles One of the better stadiums One of the best stadiums in the country, oh how it had changed since I last visited 45 years ago. Great atmosphere although its a long walk up to the visitors part of the ground.Very impressed Read more Written 15 May 2024
• donnamK6751IW 0 contributions 5.0 of 5 bubbles The perfect tour guide A massive thankyou to our tour guide Jack today. As a visiting football team, he managed to keep the boys attention perfectly and told them lots of interesting facts. Would definitely recommend this ⚽️ Read more Written 12 May 2024
• ZF63 0 contributions 5.0 of 5 bubbles Newcastle Stadium tour This was part of my Birthday present and I am also a fan. Firstly the staff were very informative , but not in a stuffy boring way. As others have said there were all kinds of people on the tour from all over the world and only some of them were fans. The lead host ( Carol ) was very engaging and was very tolerant of all the persons on the tour affording extensive insights into history and allowing everyone to have a lot of access. I would say this was outstanding value for money and I was surprised about how much I learned from the inside and also all the various areas we were allowed to go. All the other patrons on the tour were also very polite and friendly. You also get a discount on Shearers bar which i found also to be high quality. Read more Written 9 May 2024
• lisapP7987NP 0 contributions 5.0 of 5 bubbles Absolutely fantastic Well what can I say absolutely fantastic tour my husband is a massive fan and has always wanted to go to St james park so I booked him tickets for the tour and was not disappointed the tour was fantastic very informative the tour guides carol and jack were amazing and done a wonderful job even taking photos for us as well it lasted 90 minutes and was so surprised we seen some much for the price of the ticket would definitely recommend to all newcastle united fans definitely worth the 11.5 hours round trip Read more Written 8 May 2024
• L8407ZMlindac 0 contributions 5.0 of 5 bubbles St James tour Had a brilliant tour with Chris and Martin so informative We were all over the ground and dressing rooms and learned lots of facts Took loads of photos from various place would definitely recommend We had a great time Read more Written 6 May 2024
• FarAway42388367731 0 contributions 5.0 of 5 bubbles Fab experience with excellent staff. Great experience, My husband was given this towards his 70th birthday present. I was not sure about going as I'm on crutches but so pleased I went . Keith &Susan wre great , Keith was full of knowledge & he had great banter 👏. Well worth a visit 5 🌟 Read more Written 5 May 2024
• angelafI2566CJ 0 contributions 5.0 of 5 bubbles Roof top tour Brian and Carol were brill tour guides. Very informative. Loved the tour, even coped with the height. Thank you very much 😊 Read more Written 4 May 2024
• clairesR43BV 0 contributions 5.0 of 5 bubbles Fabulous tour. Great value. Excellent tour. Jamie, our guided, was great. He was lovely with the kids and very knowledgeable. I would highly recommend. Read more Written 21 April 2024
• 74stephen_bell 0 contributions 5.0 of 5 bubbles What place to see and find out things Had great day round newcastle united stadium we went all over the stadium nice to find some history which I did not know got to the pitch went in to the dressing room what great day it's must Read more Written 20 April 2024
• Guide39035831266 0 contributions 5.0 of 5 bubbles Stadium tour with Grandchildren. My wife and I took our grandsons on the Stadium tour. They are 17 & 13. Our guides were Bill and Kieran.. Bill took the lead and his knowledge was excellent. He made the tour so interesting. He mixed information with humour. The one and half hours flew over. You saw everything that went on behind the scenes player wise and corporate.We all enjoyed the experience immensely and can recommend it highly. Read more Written 16 April 2024
• jasonsX4735HU 0 contributions 5.0 of 5 bubbles Fantastic tour Great tour of the stadium Martin and Lee were our tour guides great knowledge and insight even better that Martin is a life long supporter of the club doing the tour!!! Read more Written 15 April 2024
• 955pippad 0 contributions 5.0 of 5 bubbles NUFC Amazing Tour Martin and Jack were amazing tour guides with loads of club history and funny anecdotes. Really special tour for anyone loving football but even more so for the true fan. Read more Written 12 April 2024
• joannesY2630LO 0 contributions 5.0 of 5 bubbles Top of the Toon Booked the tour for my son's birthday and loved every minute. Jamie, our guide, was so friendly, welcoming and knowledgeable and took time to engage with the kids on a one to one basis, using their names and asking about their interests thus making it more personal and making the kids feel special. The tour was well structured and paced and it was interesting seeing behind the scenes. Read more Written 11 April 2024

More to explore in Newcastle upon Tyne

Most Recent: Reviews ordered by most recent publish date in descending order.

Detailed Reviews: Reviews ordered by recency and descriptiveness of user-identified themes such as waiting time, length of visit, general tips, and location information.

Newcastle United FC Stadium Tour provided by St James' Park

How Steven Zhang lost control of Inter Milan – and what happens next

The day after Inter Milan clinched their 20th league title by defeating their rivals AC Milan in a historic Derby della Madonnina last month, players Hakan Calhanoglu and Marcus Thuram invited club president Steven Zhang to join them for an Instagram Live.

Zhang was not in Italy for the game, nor for the celebrations in the city’s Piazza del Duomo.

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“President, you got us for zero Euros, eh?” Thuram pointed out, bringing up his free transfer from Borussia Monchengladbach last summer and Calhanoglu’s from Milan two years earlier. “Zero! Zero!” he repeated, gesturing with his thumb and forefinger.

“The car is costing more than us,” Calhanoglu laughed, no doubt alluding to the Ferraris and Lamborghinis that appear on Zhang’s social media feed.

“We can have a gift?” Thuram asked cheekily. “A watch?”

Arm across his forehead, Zhang replied jovially: “It was a mistake accepting the invite.”

It was awkward, too. Sunday’s 1-1 draw with Lazio at San Siro was the 32-year-old’s last game as president of Inter. Zhang hoped it wouldn’t be. But the writing was on the wall.

He has not been to the hallowed stadium Inter share with Milan in more than a year, an absence neither Zhang nor the club has explained.

In 2022, the High Court of Hong Kong ordered him to repay $254million (£199.3m at the current rate), at 13 per cent interest, on unpaid debts to China Construction Bank and submit himself to a debtor examination. This March, the court of appeal in Milan ruled that judgment is now valid in Italy, too.

Take a moment to consider the context of the above for a moment.

An Inter player was teasing Zhang about the whereabouts of a gift to commemorate this season’s Scudetto at a time when a government-owned bank in the People’s Republic of China has been demanding: where’s our money?

The legal action taken by China Construction Bank raised questions about Zhang’s ability to remain president of Inter.

The club are not owned by him personally, but a Luxembourg-based shell company set up by Suning Sports International Limited, a subsidiary of the Suning.com business empire his father, Zhang Jindong, founded and presided over until he lost control, resigning in the aftermath of a bailout led by local government in Jiangsu province in 2021.

It was at the height of the COVID-19 pandemic and, as detailed in the long read for our crisis club series in November, Inter were also celebrating a Scudetto. But they were also at risk of going under, struggling to pay their players, until Oaktree, a U.S. asset management firm, handed Zhang a lifeline.

Crisis clubs: Inter Milan, the ticking clock - a £287m loan, record loss and silverware

On May 20, 2021, Oaktree loaned Inter’s holding companies €275million (£234m; $298m) at 12 per cent interest for three years and secured its money by obtaining a pledge from the borrower. In the event of default or non-repayment at maturity, Oaktree would get whatever was held in the Luxembourg-based shell company, Grand Tower. It would get Suning’s majority share of Inter.

The deadline was due to expire on Monday; only Monday, as everybody knows, is a bank holiday in Luxembourg — Pentecost for those asking — and so Zhang got another 24 hours to count the cost, pay up or refinance the loan. At maturity, it bulged to approximately €395million (more than the Saudi PIF-led consortium paid for Newcastle United in 2021).

In the days leading up to Inter’s second star-clinching game against Milan (each star above the club crest on their shirt representing 10 titles), Zhang, perhaps emboldened by how well things were going for his club, appeared at the Formula 1 Chinese Grand Prix in Shanghai. “I guess what I can say is we will continue the fight. None of the rumours is true,” he said . “And as long as I’m the president, as long as I’m the owner, we will continue to win and continue to aim for the best, no doubt.”

A position of strength was projected as the zenith of Inter’s season approached.

Stories had begun to emerge claiming Zhang was close to a deal with Pimco, an investment management firm, over a refinancing. The mooted transaction was reportedly worth more than €400million for three years at an interest rate approximating 20 per cent, enabling Inter’s incumbent owner to pay back Oaktree and remain in control of the club.

“S for Scudetto, for Steven, for Soldi (money), for Shanghai, for Star. It all adds up,” a cheerleading Gazzetta dello Sport wrote . “At the heart of it all is Zhang because Inter is and remains in his hands.”

But contrary to what has been asserted in Italy during the past month, The Athletic understands that, while Pimco did look at a refinancing, it was not imminent.

After all, such deals take time to bring together. Due diligence needs to be carried out, and only once it is complete and satisfactory do the parties move on to the next phase. A term sheet gets drawn up. Then a securities and pledge agreement. All of this does not happen overnight. Refinancings are not like player transfers going through on deadline day.

Zhang’s desperation became clear in a statement on Inter’s website on Saturday night. It was the first time he acknowledged to “the Nerazzurri family” that there might be a problem.

“During the approach of the pending Oaktree facility redemption date,” Zhang wrote, “we have been making every attempt with our partner to find an amicable resolution, including multiple paths for Oaktree to achieve full and immediate financial return. Unfortunately, our efforts to date have been exasperated by legal threats, and a lack of meaningful engagement from Oaktree.

“Not only has this been deeply frustrating and disappointing, such behaviour now poses potential risks to the club that could seriously jeopardise its stability.”

There’s a lot to unpack here. But for Zhang, who posted a photo on his Instagram of him at a Morgan-Stanley induction in 2015 with the hashtag #bankerlife, it should have been fairly straightforward: type in the account details Oaktree supplied three years ago and wire the money owed to their account by midnight yesterday (Tuesday). An impending maturity is not a legal threat and the only meaningful engagement necessary was laid out in the rules of engagement detailed in the term sheet — rules Inter’s owners signed up to in 2021.

As for the “potential risks to the club that could seriously jeopardise its stability”, Inter were in jeopardy of going bust back then and the owners needed an emergency relief loan from Oaktree to prop the club up. The worst-case scenario today isn’t bankruptcy, it’s a fund with €172billion worth of assets under management becoming the new owner.

Oaktree didn’t loan Inter’s owners that money with the intention of one day seizing the club. Football clubs, as hedge fund Elliott found when it confiscated AC Milan from enigmatic Chinese businessman Yonghong Li in 2018, are time- and labour-intensive assets. They bring great media scrutiny.

Part of Oaktree’s business is to act as a lender, and lenders need people to borrow money from them. Develop a reputation for repossessions and borrowers will go somewhere else for credit. The loan was granted on the understanding Zhang would have three years to restore his Picasso — football clubs and fine art share scarcity value — then offload it, and allow Oaktree to participate in the uplift from a successful sale.

Investment banks Goldman Sachs and Raine were retained to find a buyer but Inter have remained unsold. The only offers in the public domain were made by the curious figure of Thomas Zilliacus .

Zhang hoped for “a peaceful” and “amicable” resolution with Oaktree in order for Suning “to continue our success story for our beloved Inter”. Negotiating an extension with Oaktree seemed unlikely in the aftermath of the strongly worded statement published on Inter’s website which was perceived by local media as an “attack” on the fund. And, besides, Suning had had three years not three days to come up with the money.

On Instagram, Zhang posted a photo of a “Grazie Steven” banner at San Siro from Sunday’s Lazio game. His stories on that platform have been quiet since. Time was up. When the €395million Suning owed didn’t appear in Oaktree’s account on Tuesday, the reckoning — otherwise known as an ‘Enforcement Event’ — finally came. Suning’s seven-year run as Inter’s patron ended .

“As new owners, we recognise our responsibility to Inter’s community, history and legacy,” said Alejandro Cano, the managing director and European co-head of Oaktree’s global opportunities strategy. For all the conjecture on social media about the fund already having a buyer lined up, Inter was not Oaktree’s asset to manage or sell until today (Wednesday) and immediately flipping the club isn’t on the agenda.

“We are committed to the long-term success of the Nerazzurri and believe our ambitions for the club are united with those of its passionate fans in Italy and around the world,” Cano said. “Our initial focus is operational and financial stability. We have great respect for Inter’s management team and look forward to working closely with them to provide strong leadership for the club.”

That means retaining Beppe Marotta, the recruitment figurehead, chief executive and seasoned footballing politician, as well as sporting director Piero Ausilio, vice-president and club legend Javier Zanetti and corporate chief executive Alessandro Antonello.

Marotta signed a new contract until 2027 over the winter and aligned himself very closely with Zhang. He will be critical for Inter’s continuity and the new owner’s credibility, particularly with the contracts of head coach Simone Inzaghi and veteran defenders Francesco Acerbi and Stefan de Vrij coming to an end next summer — not to mention those of midfielder Nicolo Barella and striker (and captain) Lautaro Martinez , which are due to expire 12 months later.

While it’s more or less business as usual for Inter, what about Zhang and Suning? He has lost his toy. Will he fight its seizure?

In the wording of the pledge agreement struck three years ago, Oaktree can “appropriate, or have appropriate by a person designated by” them “the Pledged Assets at their Fair Market Value” which, crucially, will be appraised “by an approved independent statutory auditor or an investment bank, appointed by the Security Agent (Oaktree) at its sole discretion, always at the costs of the Pledgor (Suning Sports International Limited)”.

This is presumably where some of the underlying tension of Zhang’s statement lies. Because what is fair market value? It’s in the eyes of the beholder.

Sports business website Football Benchmark gives Inter an enterprise value of €1.2billion . Another, Sportico, recently published a ranking of the game’s most valuable clubs which placed it at just short of €1bn. But what has the market said throughout the sales process? Inter aren’t worth those figures and, at the end of the day, an asset is only worth what the market is willing to pay for it.

This means Inter are worth less, rather than worthless.

But once you factor in the club’s negative cash flows (Inter lost €85million last season, despite being out of COVID-19 and going all the way to the Champions League final), the liabilities that need pricing in (for starters, a €405m bond) and the slow progress on a new stadium (Inter extended an exclusivity option on a piece of land in Rozzano, to the south of Milan, in April, rather than buying and developing it), it’s a major undertaking for a buyer to take on, no matter how much legacy value is tied up in Brand Inter and how successful the team are being on the pitch at the moment.

The club are in negative equity, their working capital looks inflated and the debt or debt-like items are considerable. All these things deduct from Inter’s value. Off the pitch, Oaktree will need time to turn things around. On it, they assume control of the best Inter side since the 2010 treble winners, one that has begun a mini-dynasty in the past four years with two Scudetti, two Super Cup-Coppa Italia doubles and appearances in the finals of the Europa League and Champions League.

“Winning the second star was a pivotal moment for the club,” Cano said. “And our aim is to build on the momentum achieved on the pitch to develop a clear path for consistent growth and success.”

(Top photo: Jonathan Moscrop/Getty Images)

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James Horncastle covers Serie A for The Athletic. He joins from ESPN and is working on a book about Roberto Baggio.

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