Inter, from Monday Oaktree possible owner

It is not certain, but the clues of the last few hours hint that from Monday the Inter will go increasingly into the hands of the Oaktree fund. 'We are committed to working towards a peaceful resolution with Oaktree,' explained Fc Internazionale president Steven Zhang in a note, 'but a risky situation is being created for the club that could seriously jeopardise its stability.

There are in fact two days to go until the maturity of Oaktree's loan, which had amounted to 275 million in 2021. A figure that, with an interest rate of 12%, has risen to 395 million. 'Over the months,' Zhang emphasised, 'leading up to the expiration date of the financing facility with Oaktree, we have made every attempt to find an amicable solution with our partner, including offering multiple opportunities for Oaktree to obtain a full and immediate financial return. Unfortunately, our efforts to date have been exacerbated by legal threats and Oaktree's lack of meaningful involvement."

According to the agreements between the parties, as reported yesterday by the Financial Times, the loan was granted in 2021 with a three-year maturity with the prospect of a sale of Inter by Suning, which would have generated a profit partly destined for Oaktree itself. Suning, however, never went through with the sale of the club and, instead, is attempting to refinance the debt with the Pimco fund.

This, however, would reduce Oaktree's potential gain from the sale of the club. Uncertainty therefore dominates as to what Inter's future may be: if Oaktree does not grant a postponement of the terms with respect to Monday's deadline, or if Inter does not arrive at a renegotiation with shorter terms, there is a possibility that the fund will enforce the pledge on the shares and thus immediately take control of the Nerazzurri club.

At the moment, the scenario would be just that. Pimco, the institutional fund, has called it off (although it is willing, it has not in fact received the necessary guarantees and Oaktree does not intend to transfer the pledge on the Nerazzurri shares it has held since 2021). Faced with this stalemate, Oaktree at the expiration of the contract, from Monday 20 May it could assert its rights by becoming owner and then starting the sale at the best price of the company to obtain a capital gain (there would be an ad hoc clause in the contract that guarantees between 15% and 20% on the sale price above a certain threshold).