After winning the Serie A title, Inter de Milan will seek to navigate through financial problems. The Italian club is about to sign a deal worth $ 336 million with US investment group Oaktree Capital Group, Reuters reports.
The two parties involved are very close to the matter as of Wednesday. Inter Milan have been one of the biggest clubs in Italy and the world, but they are going through a financial crisis due to the impact of the COVID-19 pandemic.
The club’s Chinese owners have been discussing this deal for months to boost their finances to a certain level. The loan would be made to Great Horizon Sarl, a Luxembourg-based vehicle company, through which Chinese retail giant Suning controls Inter Milan. The shared clubs would be loaned to Oaktree.
Under this agreement, Oakland will receive a 31% stake held by Hong Kong-based firm Lion Rock Capital. According to the Reuters report, the European director of Lion Rock, Tom Pitts, would resign from the board of directors of Inter Milan.
ORaktree, Lionrock and Suning have yet to comment on this deal. Oaktree would be one of the main holders of the sum issued by the Inter Milan media group that will expire in 2022. The Chinese group Suning has owned the club since 2016 and has 68.5% of the club under its command.
Inter Milan CEO Giuseppe Marotta has also revealed that the club should cut the payroll in order for the business to be sustainable. The Nerazzurri have faced a drop in revenue due to the pandemic, as matches were played in empty stadiums and companies slashed sponsorship budgets.
Inter de Milan has won Serie A for the first time in a decade after breaking Juventus’ run of nine consecutive titles. They have yet to play the last game of the season against Udinese on May 23, and Inter will have to give guarantees on the hiring of players in the summer to retain first team coach Antonio Conte.