Inter Milan’s Chinese owner Steven Zhang says US$429 million debt deadline threatens stability of Serie A champions
- Zhang’s company could lose control of club if it does not pay debt to investment fund Oaktree, which he says has obstructed talks
- Simone Inzaghi’s team are Italian champions after clinching the title with five games to spare
Inter Milan president Steven Zhang said the Serie A champions’ financial stability was being threatened by investment fund Oaktree as owners Suning scrambled to repay a debt of almost 400 million euros on Tuesday.
Simone Inzaghi’s Inter team were officially crowned kings of Italy on Sunday following a 1-1 draw with Lazio after securing the league title with five matches to spare last month.
But what was supposed to be a weekend of celebration has been overshadowed by the deadline for the repayment of what a source familiar with the matter said was around 395 million euros (US$429 million) to Oaktree, due on Tuesday as Monday is a bank holiday in Luxembourg.
Suning could cede control of the club if they do not make good on their debt and Zhang, who has not been to Italy for months and lost a court case with China Construction Bank over personal debts of 320 million euros, claimed that Oaktree had been actively obstructing negotiations.
“We have been making every attempt with our partner to find an amicable resolution, including multiple paths for Oaktree to achieve full and immediate financial return,” Zhang said.
“Unfortunately, our efforts to date have been exasperated by legal threats, and a lack of meaningful engagement from Oaktree. Not only has this been deeply frustrating and disappointing, such behaviour now poses potential risks to the club that could seriously jeopardise its stability.”
