Oaktree Capital Have Already Sent Suning Letter Of Intent To Take Over Inter Milan | OneFootball

Oaktree Capital have already sent a formal letter to Suning confirming their intent to take over Inter Milan.

This according to football finance journalist Carlo Festa, of Italian business newspaper Il Sole 24 Ore. Festa reported on the latest development in the Nerazzurri’s ownership saga on Twitter.

Today is the last day that Suning can repay their debt to Oaktree before the current Inter owners default on the loan that they took on from the US-based fund in the spring of 2021.

Therefore, tomorrow Oaktree will be able to begin the process of taking over the Nerazzurri.

That is because Suning put their controlling shares in the club up as collateral when they took on the loan in 2021.

And Oaktree do not look to be waiting around to complete the takeover.

Naturally, the transition will not be instantaneous. Firstly, Oaktree will have to begin the process of repossessing Suning’s shares in Inter.

Then, the current board of directors at the Nerazzurri will step down.

And then there will be a process of electing a new board to take their place, and of selecting a new President to take the place of the outgoing Steven Zhang.

Oaktree Send Suning Letter Of Intent To Take Over Inter Milan

According to Festa, however, Oaktree have already taken one major step.

Anticipating that Suning will default on their debt now that it is the final day before the deadline and the Chinese company have not paid it back yet, Oaktree have gotten into official communication.

The US-based fund have sent an official letter to Suning.

This is to communicate their intention to immediately begin repossessing the Chinese company’s shares in Inter.

Therefore, tomorrow Oaktree should already be ready to start the process of taking over.

Reports indicate that there will be a period of around 15-20 days in total for the transition in ownership.