Inter Milan faces off-field challenges despite Serie A triumph
INTER Milan are riding high after clinching the Serie A title with a victory in the Milan derby. However, the new Italian champions are still grappling with off-field uncertainty.
Last season’s surprise run to the Champions League final appeared to be a singular achievement for Inter, a club steeped in European football history. Like many top clubs across the continent, Inter faces the challenge of bridging the financial divide compared to the wealthier Premier League teams and state-backed clubs such as Paris Saint-Germain.
Despite their on-field success, Inter’s offfield situation remains unsettled. The club is still dealing with the repercussions of an emergency loan obtained from investment fund Oaktree three years ago. The loan, which reportedly amounts to between 375380 million euros ($400-$406 million), including interest, must be repaid in full next month.
That loan – whose exact figure Inter would not confirm to Agence France-Presse (AFP) – had been taken out in 2021 as Inter and other Italian clubs were hit hard by the COVID-19 pandemic.
Oaktree can, much like Elliott did with Milan in 2018, take control of Inter should that loan either not be repaid or refinanced by Inter’s Chinese owners, Suning.
Inter President Steven Zhang appeared bullish at Sunday’s Formula One Chinese Grand Prix, strongly hinting that come the summer, he will still be president.
“Every day there are rumors (about Suning selling) ... What I can say is that we will continue to fight, continue to win,” said Zhang to Sky Sport on the paddock at the Shanghai International Circuit.
“None of the rumors are true. As long as I’m the president, as long as I’m the owner, we will continue to win.”
NEW DEAL
Zhang was not in Milan for – Champions League final aside – the biggest game of Suning’s near eight-year reign as owners, and in fact, hasn’t been there for months. Zhang, who lost a court case with China Construction Bank over personal debts of 320 million euros, is negotiating a reported 400-millioneuro loan with another U.S. fund, this time with Pimco. Inter will use this loan to pay off Oaktree and keep the club with Suning. Contacted by AFP, Pimco said that they “couldn’t discuss ongoing negotiations.”