Inter’s owners Suning have officially agreed a €275 million deal with Oaktree Capital Management to ease the club’s financial woes.
Suning have been seeking fresh investment at Inter since the start of 2021, after the Nerazzurri’s accounts were badly damaged by the COVID-19 pandemic.
As per Calcio e Finanza, Suning have pledged their 68.55% stake in Inter as collateral in the deal, meaning Oaktree will become the club’s new owners if Suning can’t repay the loan before 2024.
“Following a process of due diligence and with a collective long-term vision of the project, Inter have today finalised a financing deal with funds managed by Oaktree Capital Management,” the Nerazzurri told Italian news agency ANSA.
“With this financing deal, the shareholder (Suning) will continue supporting Inter with the aim of overcoming their difficulties and the opportunities lost during the COVID-19 period.”
Inter did not clarify in their announcement whether Oaktree would replace LionRock Capital as the club’s minority shareholder, which is being widely reported as likely.
Calcio e Finanza’s report did confirm however that Suning would use €33 million from the deal to liquidate the Hong Kong-based fund, who have a 31.05% stake in the Nerazzurri.
Inter needed the investment from Oaktree to meet their various payment obligations for the 2020-21 season, such as player salaries and transfer installments, but this money will also go in part towards covering costs for next season.
In order to avoid burdening Inter with further debt, Oaktree will pay the money to Great Horizon – the Luxembourg-based holdings company through which Suning control Inter – after which it will be redirected into the club’s accounts.