Inter Milan’s owners Suning are still aiming to refinance the loan they took on from Oaktree Capital to remain in control at the club.
This according to today’s print edition of Milan-based newspaper Gazzetta dello Sport, via FCInterNews.
By now, the situation concerning Suning, Oaktree, and Inter is well-known.
In May of 2021, the Nerazzurri owners obtained a loan from the US-based fund, with financing of €292.12 in total. This money was to cover operating costs at the club at the height of its pandemic-related financial crisis and liquidity issues.
The interest rate on this loan was 12%.
And the agreement between Suning and Oaktree was clear. Suning put Inter up as collateral, meaning that if they cannot repay the full amount plus interest by the due date, control of the club will pass into the hands of Oaktree.
That due date comes in May of next year. Therefore, it is only a matter of months before that decisive date arrives.
And the money at stake is no small amount. The figure on the table with interest on December 31 of last year was €329.6 million. Therefore, it will be well over €350 million when all is said and done.
Inter Owners Suning Want To Refinance Oaktree Loan & Stay At The Helm
Suning have absolutely no chance of paying that amount come the due date next May.
And the idea of losing control of the club via being unable to pay would be virtually unthinkable for the Nerazzurri owners.
Therefore, there are two options ahead of Suning.
One of these would be to sell the club. And there is hardly a lack of interest in buying Inter.
Finnish billionaire Thomas Zilliacus is the latest to show serious interest. Bahrain-based fund InvestCorp are also in the frame to try and take over the Nerazzurri.
But the other possibility before Suning would be to try and refinance their debt.
Obviously, the Inter owners would need certain favourable terms to do so. And current interest rates would make this a challenge.
But according to the Gazzetta, that is very much the plan that Suning favour.
