Steven Zhang is close to finalizing a loan from US fund PIMCO that will allow Suning to remain at the helm of Inter Milan.
Today’s print edition of Milan-based newspaper Gazzetta dello Sport, via FCInterNews, report that the Nerazzurri President regrets missing the Serie A title celebrations, but has important work to do off the pitch.
One notable absentee from Inter’s Serie A title celebrations yesterday was club President Steven Zhang.
The Nerazzurri President did give a video address. He spoke to the squad and staff via video call as well.
However, Zhang was not present for the celebrations physically.
In fact. Inter’s President has yet to attend a match in person this season so far.
Zhang has not been in Italy since the start of the current campaign.
The reason for this is largely that the President has had other matters to attend to.
And perhaps the most important one has been sorting out the future of Inter’s ownership.
Steven Zhang Close To Securing PIMCO Loan To Keep Suning At Inter
The question looking over the future of Inter owners Suning has been whether they would be able to find a solution in time for the deadline of their loan from Oaktree Capital.
That deadline is less than a month away. The Nerazzurri must pay back the €275 million loan plus interest (around €385 million in total) by the 20th of next month.
Otherwise, Suning’s controlling shares in Inter would pass into the hands of Inter.
But Zhang has found a solution to avoid defaulting on that loan.
The Nerazzurri President has been negotiating a loan with US-based fund PIMCO.
This would be a three-year loan of over €400 million.
That will allow Suning to refinance their debt to Oaktree.
Zhang naturally regrets that he was not able to attend yesterday’s Serie A title celebrations in person.
But the PIMCO loan is of utmost importance for Suning and Inter. So the Nerazzurri President is hard at work closing the negotiations.
