It remains to be seen who will be the champion that extends the Zhang family's control over Inter
These are crucial days for understanding the future of Inter. Steven Chang He is doing everything he can to stay at the helm of the club despite the May deadline and appears to have reached the point of finding an investor to help him repay his loan to Oaktree. Tuttosport wrote: “Postponing the debt repayment deadline is an increasingly likely outcome. We have yet to understand who will be the protagonist who will prolong the Zhang family's control over Inter. Il Sole 24 Ore has named the first names of the funds.” Who could take over from Oaktree, the Californian financial company that effectively bailed out the Nerazzurri club financially in May 2021 by granting a maximum three-year loan worth $275 million, with repayment scheduled in a month for an amount that in the meantime has grown to $380 million. Including accrued interest.
According to the business daily, there are three funds vying to take over from Oaktree which is burdening the ownership chain vehicles set up by Suning to buy Inter in 2016. Two of these funds are already involved in operations in European football. Ares Management bought 34% of Atletico Madrid three years ago. Sixth Street Partners has funded Barcelona and Real Madrid. The third fund is Hayfin Capital Management, which was established by former managers of Goldman Sachs: it is headquartered in London and also has an office in Milan. However, according to other rumours, Oaktree's exit from the scene is not yet certain. The California Fund could grant a short deferment, of one or two years, for the agreed duration taking into account that part of the amount loaned in 2021 has not yet been transferred by Suning to Inter's coffers (just under $100 million) and the Nerazzurri's budget. It has improved in recent years: The 2023-24 financial statement should close with a deficit of 40 million.
Negotiations are still ongoing. Against the background of this decision, there are also other negotiations that Oaktree has entered into with important entrepreneurial players in the Chinese market. In recent years, the Los Angeles company has struck deals with CITIC Bank, Alibaba, and Evergrande (the failed real estate giant that is now liquidating its massive apartment complexes), all entities whose activities have been intertwined in various capacities with those of Suning, effectively ending them as major or major equity shareholders. Members of the unions essential to keeping the Nanjing multinational afloat. From this perspective, an Inter-linked loan extension could represent a piece of a much larger puzzle for Oaktree.”
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