Official – Inter Confirm Oaktree Capital Provided €50M Cash Injection Last Week To Boost Nerazzurri’s Finances

Official – Inter Confirm Oaktree Capital Provided €50M Cash Injection Last Week To Boost Nerazzurri’s Finances
May 28, 2021 17:20
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SempreInter.com

Inter have confirmed they received a €50 million cash injection from new investors Oaktree Capital last week.

The Nerazzurri’s owners Suning secured a €275 million financing deal for the club from the US-based private equity firm, in order to boost their financial position.

Oaktree Capital have arrived in a bid to help Inter meet all their upcoming payment deadlines, including player salaries and transfer installments to other clubs.

Inter revealed in a financial statement published today: “Since the beginning of the pandemic in late February 2020, which has put strong pressure on the group’s revenues and cash, we have undertaken a number of actions to preserve liquidity, as much as possible.

“This includes the deferral of the payments of salaries to players and coaching staff.

“All of the foregoing has occurred in full agreement with the counterparties and in full compliance with sporting regulations set forth by the FIGC and UEFA.

“On 20th May 2021, our majority shareholder has closed a new financing transaction, with the purpose of supporting our group to improve cash flow position before reaching a breakeven operation target.

“Immediately after the closing, we have received a €50m cash injection through a shareholder loan provided to TeamCo; in addition, we also collected €22.2 million through payment of commercial contracts with related parties (payment made to both TeamCo and MediaCo).”

Suning have owned Inter since they purchased a 68.55% stake in the club from Erick Thohir in 2016, but things have become very difficult since the COVID-19 pandemic began.

Inter were forced to part company with Antonio Conte on Wednesday after failing to grant him the transfer reassurance he wanted, with Simone Inzaghi lined up to replace him.

Suning are widely expected to try and cut costs by 15-20% this summer, while seeking an €80 million profit from player sales.

By Will Beckman

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