Inter president Steven Zhang has released a statement criticizing Oaktree capital for making ‘legal threats’ in his bid to secure new financing to repay them. Zhang owes the hedge fund €270m plus interest for a loan he took out three years ago, which is due to be repaid on May 20. The Nerazzurri president was expected to secure new funding through PIMCO, which allow to him to repay his debt to Oaktree, but reports suggest this has now fallen through.
Zhang has now released a statement to ANSA, giving an update on the situation:
“Dear Nerazzurri Family,
This year, together, we have achieved a legendary milestone in our 116-year history: we now proudly wear two stars on our chest, a symbol of the commitment of all the men and women of Inter. As we approach the end of this fantastic season, I want to address the speculations regarding the financial stability of our club.
The years 2020 and 2021 were unforgettable for our generation, as the global pandemic profoundly changed many aspects of our lives. To continue supporting Inter, after already investing over one billion euros in the club, we opened a line of credit with Oaktree, with the aim of continuing the winning project we started in 2016. Since then, my management team and I have been committed to achieving success on the field while maintaining strict financial discipline.
Our hard work has paid off. In the eight years under our management, together with our staff, players, and coaches, we have won seven trophies, reached two European finals, and twice topped the Serie A standings. The legendary second star is a testament to our growth and success. Naturally, all our partners, including Oaktree, have benefited from these incredible achievements on and off the field.
In the months leading up to the maturity date of the financing structure with Oaktree, we made every attempt to find an amicable solution with our partner, including offering multiple possibilities for Oaktree to obtain a complete and immediate financial return. Unfortunately, our efforts have been met with legal threats and a lack of significant engagement from Oaktree. This has been very frustrating and disappointing, and this behavior is now creating a risk for the Club that could seriously jeopardize its stability.
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 possible to protect our colors, our founding values, and our stability. We are committed to working towards a peaceful resolution with Oaktree and continuing our history of success for our beloved Inter.
Forza Inter Sempre.”
