Time is ticking down for Inter President Steven Zhang and Suning Holding Group on the infamous Oaktree loan. A new report has detailed that things are becoming increasingly difficult.
This comes according to Italian outlet Corriere dello Sport as relayed by Calcio e Finanza. According to the article, Inter President Steven Zhang had offered to pay Oaktree the amount of total interest accumulated from the date the loan was granted, back in 2021, until maturity, which is coming up in May of 2024- this amount would be around €100M.
In return, Zhang and Suning hoped Oaktree would extend the loan until 2026 or 2027, with an increase in interest to a rate of 16%. According to Corriere, Oaktree rejected this proposal. Zhang even returned with a new offer to increase the interest rate to a whopping 20%, but still no positive developments from Oaktree.
Reportedly, the concern on Oaktree’s part comes from a worry that with this method of management and ownership, Inter’s value would decrease and make everything even more complicated. President Zhang is determined to prove to Oaktree that the club is committed to balancing its finances, with upcoming budget results expected to halve the -€83M losses suffered for the 2022/2023 season.
Oaktree Capital Management is now seriously considering taking control of Inter once the loan deadline passes on May 20, 2024.
