Serie A champion Inter facing a nervous wait as deadline passes for loan repayment to Oaktree
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This article was published 21/05/2024 (860 days ago), so information in it may no longer be current.
MILAN (AP) — 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.”
If the deadline has not been 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.
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AP soccer: https://apnews.com/hub/Soccer
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