Inter Milan, recently Italian champions, entered a period of uncertainty this Wednesday, after becoming controlled by the American fund Oaktree. This happened due to the current owner’s inability to pay hundreds of millions of euros in debt.
Oaktree announced that it took control of the club after the Chinese owner, the Suning conglomerate, failed to pay a debt of 395 million euros (around R$2.2 billion at current prices) on time.
The American fund said in a statement that the amount refers to a loan made three years ago, the payment deadline for which expired on May 21st.
Last Saturday, Inter president Steven Zhang had criticized Oaktree for “compromising the financial stability” of the club and stated that Suning “tried everything to find an amicable solution”.
“Unfortunately, our efforts to date have been met with legal threats and a major lack of involvement from Oaktree,” he added.
Neither the club nor its Chinese owners reacted immediately on Wednesday.
In 2021, Oaktree made a loan to the Chinese conglomerate of 275 million euros (R$1.7 billion at the time) to make up for the lack of box office revenue during the pandemic period, in which the Italian Championship games were played without an audience.
With interest at 12% per year, Suning now owes 395 million euros to Oaktree, a Californian investment fund that has a total of US$170 billion (R$875 billion at current prices) in assets.
“Oaktree is determined to obtain the best results for the long-term prosperity of Inter Milan, with particular emphasis on the operational and financial stability of the club and its stakeholders,” the fund said in a statement.
“We are committed to working closely with the current Inter Milan board, its partners, the league and federations to ensure the club is in a position to succeed on and off the pitch,” Oaktree added.
Inter has returned to the forefront on the national and international scene since Suning acquired 68% of the club in 2016, since then winning seven titles, including two in Serie A, as well as reaching two European finals.
This season, coach Simone Inzaghi’s team secured the ‘Scudetto’ with five rounds to spare, after winning the classic against arch-rivals Milan 2-1.
🙌🏆🔝#ForzaInter #IM2Stars pic.twitter.com/MGAC8yGiFJ
— Inter ⭐⭐ (@Inter) May 22, 2024
Steven Zhang believed he had found a solution by reaching an agreement on a new loan with another American fund, Pimco. The value would be 430 million euros (R$2.4 billion), which would be used to pay off the debt with Oaktree, but negotiations dragged on, according to the Italian press.
Despite having dominated Serie A this season and having won their seventh trophy in the ‘Suning era’, Inter continues to experience financial difficulties, with losses of 85 million euros (R$474 million) in the 2022/2023 season and 140 million euros (R$781 million) in the previous year.
They still fulfill the schedule in the last round visiting Verona, next Sunday (26), at 3:45 pm (Brasília time).
Source: Gazetaesportiva
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