Serie A champion Inter Milan facing a nervous wait as deadline passes for loan repayment to Oaktree

Club owner Suning and Inter president Steven Zhang could lose control of the Nerazzurri on Tuesday if they fail to repay a debt of nearly 400 million euros to American investment fund Oaktree.

Published : May 21, 2024 18:27 IST , MILAN - 2 MINS READ

Inter Milan won its 20th Serie A title after win against rival AC Milan in San Siro.
Inter Milan won its 20th Serie A title after win against rival AC Milan in San Siro. | Photo Credit: AFP
infoIcon

Inter Milan won its 20th Serie A title after win against rival AC Milan in San Siro. | Photo Credit: AFP

Just two days after celebrating its Serie A title win, Inter Milan and its fans face a nervous wait to see what will happen with the club.

Club owner Suning and Inter president Steven Zhang could lose control of the Nerazzurri if they fail to repay a debt of nearly 400 million euros ($434 million) to American investment fund Oaktree.

That sum stems from a loan — and interest — taken out three years ago, shortly after Inter won its last league title.

The deadline for repayment was at 5 p.m. local time (1500 GMT) and there was no word of the outcome several hours after that had passed.

Zhang has tried to extend the deadline for the loan repayment and come up with alternative solutions with Oaktree but without success.

“I can only guarantee that the club is very solid,” Inter CEO Giuseppe Marotta said on Sunday, amid a party atmosphere at San Siro as Inter was presented with its 20th league title.

“Whatever decision the Zhang family takes, it will be for the good of the club that they love.”

ALSO READ | Serie A: Juventus mounts late comeback to draw 3-3 with Bologna, Hellas Verona wins relegation fight

If — as expected — the deadline is not met, Oaktree will complete the acquisition of Inter in the next few days although it is unclear whether the American fund will keep the club long term or look for a buyer.

In 2018, Milan was taken over by American fund Elliott Management after previous owner Li Yonghong missed the deadline to repay part of a loan.

Elliott had been expected to sell the club, with a number of parties reportedly interested, but it kept hold of it for five years before selling to RedBird Capital Partners last year, shortly after Milan won the Serie A title.

Sign in to unlock all user benefits
  • Get notified on top games and events
  • Save stories to read later
  • Access to comment on every story
  • Sign up / manage to our newsletters with a single click
  • Get notified by email for early bird access to discounts & offers to our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide to our community guidelines for posting your comment