Inter on loan deadline: ‘Lack of meaningful engagement from Oaktree’ | OneFootball

Inter president Steven Zhang hit out at Oaktree in a statement discussing the upcoming loan deadline, frustrated with the ‘lack of meaningful engagement’ from the US fund.

The Nerazzurri owners are at serious risk of losing control of the club next week, needing to repay debts of circa €395m to Oaktree as a result of their loan agreement from May 2021. Whilst the deadline is May 20th, a bank holiday in Luxembourg gives an extra 24 hours of breathing room.f

Zhang and Inter had been hoping to agree a new loan with US bond giant Pimco but no agreement has been reached yet as talks drag on, putting Suning in a painfully difficult spot just days before Oaktree have the right to repossess the club.

Inter statement on Oaktree loan

In an official statement released on Saturday afternoon, Zhang provided an update on the debt deadline, expressing frustration with Oaktree’s position whilst trying to calm supporters.

“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. We are committed to working towards a peaceful resolution with Oaktree and continue our success story for our beloved Inter.

“Forza Inter Sempre.

“President Steven Zhang.”