Inter Milan President Breaks Silence On Oaktree-PIMCO Drama: ‘Our Efforts Have Been Exasperated By Legal Threats’

Inter Milan President Steven Zhang has broken his silence regarding Suning’s efforts to refinance their debt to Oaktree Capital.

In an official statement on the Nerazzurri’s homepage, the club President accused Oaktree of holding up the process of refinancing the loan.

This Monday marks the deadline for repayment of a massive loan that Inter owners Suning took on from Oaktree in the spring of 2021.

Reports indicate that the Nerazzurri owners have been in advanced negotiations with another US-based fund, PIMCO.

This would be with a view to securing a new loan. That would allow Suning to repay their debt to Oaktree in full.

Doing this before the deadline at the start of next week would be necessary to avoid defaulting.

Were Suning to default, their controlling shares in Inter would pass into the hands of Oaktree.

Reports for several weeks have indicated that Suning were on the verge of securing the new loan from PIMCO.

However, the Inter owners have not yet done so. And in the past few days, reports have emerged that the negotiations have stalled.

Then, there were rumours that it is in fact Oaktree who are holding up an agreement between Suning and PIMCO.

So far, Suning and Inter President Zhang have not made any public statements on the matter.

But now, the Nerazzurri Number One has issued an official statement.

Inter President Steven Zhang: “Our Efforts Exasperated By Oaktree Legal Threats”

Zhang writes, “Dear Nerazzurri family.”

“This season marks a historic milestone in our 116-year history as we are now proudly wearing two stars on our chests, symbolizing the joint efforts of women and men in Inter.”

“As we near the end of this fantastic season, I want to address the speculation concerning our Club’s financial stability.”

“The years 2020 and 2021 were unforgettable for our generation, as the global pandemic profoundly changed many aspects of our lives.”

“In order to continue our support towards Inter after over a billion of investment , we secured the Oaktree debt facility at our own expense to support this winning project that we started since 2016.”

“Since then, my management team and I have been dedicated to develop on-field success united strict financial discipline.”

“Our hard work has paid off. In the eight years under our stewardship, together with our staffs, players and coaches, we have experienced seven trophies, two European finals, and topped the Serie A Championship twice.”

“The legendary second star is a testament to our growth and success. Of course, achieving such incredible heights both on and off the pitch also benefits all of our partners, including Oaktree.”

“During the approach of the pending Oaktree facility redemption date, we have been making every attempt with our partner to find an amicable resolution, including multiple paths for Oaktree to achieve full and immediate financial return.”

“Unfortunately, our efforts to date have been exasperated by legal threats, and a lack of meaningful engagement from Oaktree.”

“Not only has this been deeply frustrating and disappointing, such behavior now poses potential risks to the Club that could seriously jeopardize its stability.”

“On behalf of Inter, as the President, I want to assure the hundreds of millions fans around the world, that we will do everything possible to protect our color, fundamental value and stability.”