Inter: Race against the clock for Zhang to close agreement with Pimco | OneFootball

Multiple reports claim Inter President Steven Zhang is facing a ‘race against the clock’ to close a deal with American investment management firm Pimco before the Oaktree loan term expires next week.

Suning lawyers are tirelessly working to finalise a deal with Pimco before the loan’s term agreed with Oaktree three years ago expires.

These two deals are inevitably tied, given that Zhang must repay a €275m plus 12% interest debt with Oaktree before May 20. If the Nerazzurri owner fails to meet the deadline, Oaktree would be entitled to take a controlling stake in the club.

Italian sources claimed last week that the agreement with Pimco was all but done but Bloomberg reported on Wednesday night that the two parties had not yet shaken hands. ‘Suning group struggling to reach debt deal with Pimco,’ wrote Bloomberg.

Inter: Race against the clock for Zhang to close agreement with Pimco

La Gazzetta dello Sport and Sky Sport Italia insist the agreement between Zhang and Pimco is nearly finalised.

Suning sources quoted by Gazzetta say the Chinese group is convinced the deal will be signed and announced by the end of the week. Pimco and Oaktree representatives refused to comment on the matter.

Zhang needs to finalise the agreement with Pimco to obtain the money required to repay Oaktree and remain in control of the club.

As per Sky Sport Italia, the Pimco deal would temporarily allow Zhang to look for potential partners or even a new majority shareholder for Inter. According to the report, the Chinese entrepreneur values the Serie A giants at €1.3 billion.