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Inter Milan owner slams lender Oaktree as loan deadline approaches
(Bloomberg) — Inter Milan’s owner says his lender Oaktree Capital Management has lacked “meaningful engagement” in finding a solution to the Italian football club’s looming debt obligations.
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Inter president Steven Zhang criticized the actions of his main creditor in a statement published Saturday on the team’s website, saying it “represents potential risks for the club that could seriously compromise its stability.”
Still, he said he is “committed to working toward a peaceful resolution” with the U.S. asset manager. Oaktree declined to comment.
Suning’s ownership of Inter, who have just won the Italian Serie A title, is at risk if a deal is not reached before the end of Monday, when Oaktree’s debt comes due.
Read more: Talks between Inter owner and Pimco at risk
Oaktree loaned €275 million ($300 million) to Chinese conglomerate Suning Holding Group Co. in 2021 to support Inter Milan’s finances during the pandemic. As interest has accrued, the California-based fund now owes around 400 million euros. Its debt is guaranteed by Suning’s majority stake in Inter Milan.
Suning has been in talks with Pacific Investment Management, or Pimco, for weeks about new money to refinance Oaktree, and although the two parties are in advanced discussions, an agreement has not been reached as it has become increasingly challenging to implement. before Oaktree’s debt matured, people familiar with the matter said earlier this month.
Inter Milan is one of the most famous football clubs in Italy. Founded in 1908, they won the Italian top flight this season and were runners-up in the UEFA Champions League – Europe’s most important club trophy – last year.
(Updates with Oaktree declining to comment in third paragraph.)
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