Steven Zhang has only a few hours left to pay off his debt to Oaktree, who can formally start the procedures for taking over at Inter at 17:00 CET.
Today, May 21, 2024, could be the final day of the Suning era at Inter. Unless Zhang repays €380m to Oaktree by 17:00 CET, the American firm will be entitled to take control of the Serie A champions, reports Gazzetta.
The pink paper confirms that it is practically impossible to imagine Zhang paying the sum in the coming hours, which means his era as the Inter president will end after 2906 days.
Gazzetta expects an official statement from Oaktree after the loan’s term officially expires at 17:00 CET.
Oaktree takes over at Inter: the next steps
The American firm will complete the club’s acquisition in a few days, and then the current board of directors will resign, starting a new era for the Nerazzurri.
Whether Oaktree will keep the club long-term or look for a buyer is still unclear. Surely, the American firm does not want to lower the club’s value, so, on paper, the takeover doesn’t mean they’ll sell some top players this summer.
The pink paper denies that Zhang will keep minority shares in the club and it’s unclear whether he’s entitled to receive a sum for the club’s sale. Previous reports suggested Oaktree would pay the difference between the loan fee and the club’s value on the market.
According to the report, Oaktree rejected Zhang’s request for a short-term loan extension, while talks with Pimco over a new long-term deal collapsed a few days ago, paving the way for the end of the Suning era at San Siro.