Revealed – Why Suning Efforts To Keep Hold Of Inter Milan Before Oaktree Loan Expiry Collapsed

Suning have made every effort to keep hold of Inter Milan before the deadline of a loan from Oaktree Capital, but look to have failed.

Bloomberg, via FCInterNews, report that the Nerazzurri owners tried to sort out a loan from a new fund in the form of PIMCO, but that the timeline proved to be too tight.

Suning have not relinquished control of Inter just yet.

The deadline of a loan that Oaktree made to the Nerazzurri owners in the spring of 2021 comes due today.

There is one extra day for Suning. That is because today is a public holiday in Luxemboug, where the holding company through which they own their shares in Inter is located.

However, if Suning do not deposit the full amount that they owe Oaktree by tomorrow, then the US-based fund will be able to begin repossessing their controlling stake in Inter.

Why Suning Efforts To Keep Hold Of Inter Milan Failed

Suning have been in dialogue with Oaktree for months. This has been through intermediaries close to the Chinese company, Goldman Sachs and Raine Group.

The US-based fund were willing to offer Suning a short-term extension.

This would be for the purpose of allowing the Inter owners a little more time in which to complete a sale of the club.

However, Suning preferred to look for another fund to agree a longer-term loan to refinance their debt to Oaktree.

PIMCO emerged as a candidate in this respect. There were negotiations between Suning and that US fund on a loan worth €435 million.

However, the limited amount of time made those negotiations difficult.