Oaktree is ready to take over Inter. Zhang close to default

Today, barring any twists and turns, the start of the procedure through which the Californian fund Oaktree will enforce the pledge on the 380 million loan granted three years ago to Steven Zhange up the chain of control of Inter: an enforcement that will consequently lead to the Californian fund becoming the new owner of the Nerazzurri club.

It concerns the EUR 385 million (including interest), contracted by the holding company Grand Tower, which is to be paid back to Oaktree and which, until 18 May, Steven Zhang had not yet found in full. Long negotiations with US asset manager Pimco, which was supposed to provide 430 million of new finance, taking Oaktree's place as creditor, did not help.

There is also talk of additional clauses in the financing agreement Steven Zhang signed three years ago with the Californian fund, including a stake in Oaktree's equity in the event of the club's sale, an eventuality that has never occurred in recent years.

Zhang no longer seems to have many cards at his disposal except that this afternoon, surprisingly, he does not honour the 385 million loan in the Caesarini zone. A mission impossible that seems highly unlikely. The other way would be to negotiate with Oaktree and obtain a one-year deferment of the repayment of the money, propaedeutic to the sale of the nerazzurro club to a third party.

In any case, if Oaktree starts the process of enforcing the lien today, a legal battle could be looming in the coming months. Already three days ago Steven Zhang made public a statement accusing Oaktree and giving an idea of what could happen in court if the parties do not come to an agreement. 'During the months leading up to the expiration date of the financing facility with Oaktree,' Zhang's note explains, '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 so far have been exacerbated by legal threats and Oaktree's lack of meaningful involvement. All of 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,' the Nerazzurri president eventually attacked, ending with the hope of reaching an agreement. 'We are committed to working towards a peaceful resolution with Oaktree and continuing our success story for our beloved Inter,' Zhang concluded.