More details are emerging on the financing deal with Oaktree Capital, who loan €275m to Suning, but will not purchase any Inter shares.
A statement released via news agency ANSA confirmed that Suning had struck the agreement with Oaktree for financing worth €275m, but the details were scarce.
Initially, Bloomberg had reported that Oaktree were paying €33m to buy out Lion Rock’s 31 per cent of the club and become the new minority shareholders, as well as loaning €242m that would have to be paid back over three years.
However, Il Sole 24 Ore and Sky Sport Italia reporter Marco Bellinazzo insists that is not the case.
Oaktree are not going to become shareholders in Inter, so Suning will retain their 68.5 per cent and Lion Rock just over 31 per cent.
The money all goes to Great Horizon, the Luxembourg-based holding company that runs Inter.
It’s reported €35m will initially be handed over to Inter, then the rest in several instalments.
If Suning do not keep up loan repayments, then Oaktree Capital can essentially repossess their 68.5 per cent of the club.
The arrival of fresh funds doesn’t stop the cost-cutting exercises, as Inter want to slice 15 to 20 per cent off their wage bill.
The transfer market will also be entirely self-funded through sales.
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