Multiple sources in Italy claim Inter President Steven Zhang will sign an agreement with American investment management firm PIMCO next week, allowing him to pay off the debt with Oaktree.
The ‘partnership’ between Inter President Zhang and Oaktree Capital Management will end next week as the Nerazzurri owner has reached an agreement over a new bridge loan with PIMCO.
The news was broken in Saturday’s Il Sole 24 Ore paper edition and confirmed by Sky Sport Italia. The financial newspaper said Zhang would sign an agreement with the American firm between Tuesday and Wednesday next week.
Inter President Zhang gets new €420m loan with imminent Pimco deal
The agreement will allow Zhang to repay a debt with Oaktree before May 20. Three years ago, Oaktree lent €275m to the Inter President, and if the Chinese entrepreneur had failed to return the money plus 12% interest by the deadline, Oaktree would have been entitled to take a controlling stake in the club.
Suning lawyers Latham & Watkins and Dla Piper on the PIMCO side are working on the paperwork before next week’s signature.
Sky Sport Italia claims the new loan will be worth between €420m and €430m and confirms Zhang will sign the agreement with PIMCO between May 15 and May 17.
Sign, close and then sell!