Inter, who a month ago were declared champions of Serie A for the 20th time in its history, are just two days away from being owned by American Oaktree Fundwhere he has to pay 375 million euros before Tuesday for a loan he gave in 2021.
The financial situation of Inter, one of the most ambitious projects in Europe, is shaky. It was confirmed this Saturday its own president, the Chinese Steve Zhang, the youngest president in the history of the Nerazzurri club. Born in 1991 in Nanjing, he took over as president in 2018 at the age of just 26.
270 million euros plus interest
Inter have reached an agreement with the Oaktree fund for a loan of 270 million euros in 2021 which will be returned three years later, in 2024, with 12% interest per year: that is, about 375 million.
The deadline to return the money ends this Tuesday, but Inter has yet to reach an agreement with the American fund, which if it does not provide will take control of the club.
There is no agreement to refinance the loan
Inter tried to refinance its debt with American fund Pimco, but still no agreement.
The situation is extreme in Milan and Zhang, who came to Inter through Chinese trading group Suning, owned by his father Jindong, He wanted to explain this in an open letter to fans.
Zhang’s open letter
“The years 2020 and 2021 will be unforgettable for our generation, because the global pandemic has completely changed many aspects of our lives. To continue to support Inter, after investing more than a billion in the club, we opened the line of credit to Oaktree, with the aim of continuing the winning project we started in 2016. Since then, I and my management have focused on building achievements in the field while maintaining strict financial discipline,” Zhang contextualized.
“Of course, all of our partners, including Oaktree, have benefited from achieving incredible milestones on and off the field,” he added.
“In the months leading up to the expiration date of the financing facility with Oaktree, we did everything possible to find an amicable solution with our partner, including offering multiple opportunities for Oaktree to obtain full and immediate financial return,” he explained. Zhang.
“Unfortunately, our efforts so far have been exacerbated by legal threats and a lack of meaningful involvement from Oaktree. This is all very frustrating and frustrating, but this behavior now creates a dangerous a situation for the club that could put its stability in serious danger,” concluded the president of Inter.
Source: La Verdad
I’m Rose Herman and I work as an author for Today Times Live. My expertise lies in writing about sports, a passion of mine that has been with me since childhood. As part of my job, I provide comprehensive coverage on everything from football to tennis to golf.
