Inter towards Oaktree. Zhang: 'The club risks instability'

From Monday 20 May, or rather 21 May considering the Luxembourg holidays, Oaktree can start the procedures to enforce the pledge on Inter's shares and take control of the Nerazzurri company. The more the hours pass, in fact, the more unlikely it seems that Suning and the Zhang family will be able to find the necessary resources to pay off the loan with the US fund (unless something is unblocked in Beijing). This money - as Il Sole 24 Ore had anticipated on 18 May - will not come from Pimco, with whom negotiations had begun in recent weeks. The Pacific Investment Management Company, while showing itself willing and having had several interlocutions with the Inter management, then decided to take a step back, faced with the overall legal and financial uncertainties of the operation.

With regard to Oaktree, however, the solution of an extension of the three-year loan granted is not considered viable. Adequate guarantees have not been provided to prolong the relationship and the exposure to Suning is already considered too high. The sum of 275 million disbursed in 2021, due to the way the 12% interest was calculated, has now risen to over 370 million. And perhaps there is a further reason for Oaktree to take over Inter, namely the possibility of directly managing the sale of the club.

There is also a clause in the loan agreement giving the US fund the right to collect a significant percentage of any capital gain realised on the team's stated minimum value (and at this point it cannot be ruled out that there are already potential buyers knocking at the door). An extension of the loan, even if secured by a third party, would defer the possibility of a profitable sale for Oaktree, which does not wish to take on this risk and evidently has the legal authority to make its prerogatives count (firstly by not transferring the pledge on the Nerazzurri shares). Faced with a scenario that has been getting more complicated by the hour, on the afternoon of 18 May, Inter (which celebrates the conquest of its second star on 20 May at Castello Sforzesco) issued a statement on behalf of president Zhang.

A note that needs no interpretation: 'During the months leading up to the expiration date of the financing structure with Oaktree, we have made every attempt to find an amicable solution with our partner, including offering multiple possibilities 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. This has been very frustrating and disappointing, but this behaviour is now creating a risky situation for the club that could seriously jeopardise its stability'. Zhang - who has been working on a solution with advisors Raine and Goldman Sachs in recent months - wanted to reassure fans that he was willing to find 'a peaceful resolution with Oaktree'.

The Nerazzurri president also vindicated the sporting and economic results achieved since 2016, recalling the impact of the global pandemic and how Suning, 'after directly investing over a billion in the club, opened the line of credit with Oaktree. Since then, my management and I have been committed to developing successes on the field, while at the same time maintaining rigorous financial discipline'.Recovery and victories that Oaktree recognises and which it intends to leverage to maximise its investment in the club, on the eve of a crucial year between the new Champions League, the World Cup and the new stadium project.