Time is starting to run out for Suning at Inter Milan, as Oaktree Capital are not convinced of extending the deadline of their offer to extend the deadline of a loan to the Nerazzurri owners.
This according to today’s print edition of Rome-based newspaper Corriere dello Sport, via FCInterNews.
At the moment, Suning remain at the helm of Inter. But a clear turning point could be on the horizon.
This is the deadline of a massive loan that the Inter owners took on in May of 2021. The deadline is May 20th of this year.
That loan, from Oaktree Capital, covered operating costs at Inter during a pandemic-related financial crisis.
And Suning put up their shares in Inter as collateral on the loan. Therefore, if they are to default on it, then control of the Nerazzurri will pass into the hands of Suning.
“Time Running Out” For Suning At Inter As Oaktree Not Convinced
Suning have been trying to convince Oaktree on a deal to extend the deadline of the loan past the end of next May.
The Inter owners are hoping to agree an extension by two or three years, with increased interest.
But the Corriere insist that US-based fund Oaktree have shown little openness to Suning’s idea.
There is still time for the Inter owners. But very little.
Considering that any deal would still take a few weeks to work out, and the deadline is now less than two months away, the timeline is hardly in Suning’s favour.
Meanwhile, there is the legal hurdle that Inter President Steven Zhang faced yesterday.
A Milan Court of Appeals upheld a Hong Kong court’s ruling regarding the Nerazzurri President’s obligation to Chinese creditors the China Construction Bank Asia.
With that court confirming that Zhang must pay his creditors in an Italian jurisdiction, it certainly creates another problem for the current Inter President.
And in the view of the Corriere, that is one more nail in the coffin. The newspaper insist that Zhang, and Suning, are likely on their way out.
