Oaktree’s behavior “is creating a risk situation for the club which could seriously jeopardize its stability”: the Inter owner writes, Steven Zhang in an open letter to the fans, published on the official website of the Nerazzurri club, to clarify the latest rumors on the club’s future.
The fund is demanding repayment of a 375 million loan and refuses to grant an extension, in the absence of which, if the debt is not repaid, ownership of the club would pass to Oaktree. “We have made every attempt to find an amicable solution with our partner,” Zhang recalled, “including offering multiple chances for Oaktree to obtain a full and immediate financial return. Unfortunately, our efforts thus far have been exasperated by threats legal and lack of meaningful involvement from Oaktree has been very frustrating and disappointing, but this behavior is now creating a risky situation for the club which could seriously jeopardize its stability.”
Zhang recalled that the opening of the credit line with Oaktree had “the aim of continuing the winning project we started in 2016. Since then, my management and I have been committed to developing successes in the field, at the same time maintaining rigorous financial discipline”. “Our hard work has paid off,” he underlined, “in the eight years under our management, together with our staff, players and coaches, we have won seven trophies, two European finals, and twice reached the top of the Serie A championship. The legendary second star is a testimony to our growth and success.”
“Of course,” he noted, “all of our partners, including Oaktree, were able to benefit from achieving such incredible milestones on and off the field. Over the months leading up to the expiration date of the financing facility with Oaktree. On behalf of Inter and as president, I want to reassure the hundreds of millions of fans around the world that we will do everything we can to protect our colours, our founding values and our stability. We are committed to working towards a resolution peaceful with Oaktree and to continue our success story for our beloved Inter Forza Inter Semper”.