December 6, 2022

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Sole 24 Ore – Inter, from Zhang to Raine: The Bank That Sold Chelsea. Scenarios

The Zhang family was to entrust a second assignment to US investment bank Raine Group

The family search continues Chang from investor to Inter. According to reports from Il Sole 24 Ore, after the mandate given to Goldman Sachs, the Zhang family has now entrusted a second assignment to US investment bank Raine Group. The bank specializes in media, communications, sports and technology, and is the same bank that sold Chelsea a few months ago. “The transition to Inter seems clear and aims to find an investor. In fact, Goldman Sachs is a historical relative of the Zhang and Suning family, while the appointment to Raine Group can be interpreted as a next step.“.

“The geography remains to look for the potential investor, as in the case of the blues, the American. However, according to many insiders, the potential investors could be different from those who revealed themselves in the former Abramovi team before the summer. Now it remains to understand the timing of the exploratory operation. Which aims to find an investor. In the coming weeks, a law firm is also likely to be appointed as a consultant. According to the Zhang family’s plans, until a few months ago, the spotlight was on the search for a minority shareholder who could bring in new resources.”

“But this path, however, seems complicated, and therefore the choice can now fall on the sale of the majority of Nerazzurri club. The core of the company’s valuation remains at a fairly high level and in any case above 1 billion euros – the schedule is financial and economic, and Inter still absorbs a lot of liquidity, and in the last financial year it will lose about 120 million euros, moreover, it must be taken into account that the club issued bonds of more than 400 million euros. A few months ago. Euros, most of which were subscribed by foreign institutional investors and hedge funds. “

“The debt is also located at the top level of the company structure, that is, on the Luxembourgish possession of the Zhang family, which has signed a loan of 275 million pec (payment in kind) with the United States Oaktree Fund, i.e. repaid at maturity with accrued interest. Ultimately, it may The final bill for the Zhang family is too expensive, otherwise the ownership of Oaktree will be transferred and the pledge is carried out. This series of factors can accumulate in 2023. That is why Zhang decided to investigate potential investors, even if the process, due to its financial characteristics, does not seem easy to implement.”