Zhang attacks the Oaktree bottom, Inter moves away
Oaktree’s behavior “is creating a risk situation for the club which could seriously jeopardize its stability”: Inter owner Steven Zhang denounces this in an open letter to the fans which suggests that next Tuesday the fund American could start the procedure to take over the Nerazzurri club, given the impossibility of repaying the 375 million euro loan.
“We have made every attempt to find an amicable solution with our partner,” Zhang recalled, “including offering multiple chances for Oaktree to achieve a full and immediate financial return. Unfortunately, our efforts so far have been in vain.”
As a guarantee of the 275 million loan granted in 2021 (to which 100 million interest was added over the three-year period), the Los Angeles fund had demanded a pledge on the club’s majority stake which can now be enforced.
Zhang recalled that the opening of the credit line with Oaktree had “the goal of continuing the winning project we started in 2016. Since then, my management and I have been committed to developing successes in the field, while maintaining rigorous financial discipline.” “Our hard work has paid off,” underlined the 32-year-old president of Suning International, “in the eight years under our management, together with our staff, players and coaches, we have won seven trophies, two European finals, and we have twice reached the top of the Serie A championship. The legendary second star is a testament to our growth and success.”
“Of course,” he noted, “all of our partners, including Oaktree, have benefited from achieving such incredible milestones on and off the field. Over the months leading up to the expiration date of the financing facility with Oaktree. On behalf of Inter and as president, I want to reassure the hundreds of millions of fans around the world that we will do everything possible to protect our colours, our founding values and our stability. We are committed to working towards a peaceful resolution with Oaktree and continuing our success story for our beloved Inter. Forza Inter Always”.
On a sporting level, however, nothing should change: the PWC auditors have already verified the correctness of the accounting documentation on the basis of which Covisoc, the supervisory commission for football clubs, will certify at the end of the month that Inter has the requirements to sign up for the next championship. In October, any new ownership will have to submit the declaration of business continuity. The process would be the same that led the Elliott fund to take over the ownership of Milan from Yonghong Lì in 2018. The only alternative to Oaktree taking over 100% of the shares is a three-month extension of the deadline to give Zhang more time to find a deal with a new fund or a new buyer.
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