No Official Announcement Of Oaktree Capital Taking Over Inter Milan Today – Takeover Timeline Revealed | OneFootball

Oaktree Capital will not make an official announcement regarding their takeover of Inter Milan today.

This according to Italian broadcaster Sky Sport Italia, via FCInter1908. The broadcaster anticipate that the US fund should complete the process of becoming new Inter owners over the next two or three weeks.

For the time being, at least, Suning are still the owners of Inter.

The Chinese company still hold their majority shares in the Nerazzurri.

However, the clock is really ticking now. Today is the last day that Suning can repay their debt to Oaktree in full, avoiding default.

Yesterday had been the actual deadline from the loan that Oaktree made to Suning in the spring of 2021.

However, since yesterday was a public holiday in Luxembourg, the country where Suning’s holding company which owns their shares in Inter’s shares is located, the Inter owners have until to repay.

Timeline Of Oaktree Capital Takeover Of Inter Milan Revealed

There looks to be absolutely no chance of Suning finding a solution to repay their debt to Oaktree at this stage.

The Nerazzurri owners had worked to try and secure a loan from another fund, PIMCO. This would be for the purpose of refinancing their debt to Oaktree.

However, those talks fell through.

Given that the deadline for Suning to repay Oaktree has not yet passed, the US fund cannot begin the process of repossessing the current Inter owners’ shares in the club.

Therefore, Oaktree will not make any official announcements just yet.

Technically, Suning remain owners of Inter until the deadline for repayment of their debt to Oaktree passes.

Accordingly, the US fund will respect that deadline, and the fact that Suning remain owners of Inter.

However, tomorrow Oaktree will have every right to repossess Suning’s shares in Inter, per the terms of their agreement from the spring of 2021.

Therefore, Sky reports, the fund will not wait long to begin the takeover process.

For the next 15-20 days, there will be a transitional period. That will mean that the current board of directors will step down at Inter.

Then, there will be the matter of electing a new board, and also selecting a club President to replace Steven Zhang.

During this period, there will be no business such as signings, sales of contract extensions at Inter.

However, once that 15-20 day period has passed, then operations will resume fully.