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

Tue, May 21, 2024
Soccer News (AP)

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

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 on Tuesday 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.

Unless it is repaid by 1700 local time (1500 GMT) Oaktree could take over the Serie A champion.

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 - 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.

READ MORE Germany and Real Madrid great Toni Kroos to retire after Euro 2024 US defender John Brooks to leave German club Hoffenheim Karl-Heinz Schnellinger, German defender who played in four World Cups, dies at 85

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.

___

AP soccer: https://apnews.com/hub/Soccer

"
Article Copyright © 2024 The Associated Press, All Rights Reserved.
TomBartonSports.com
TomBartonSports.com