Nerazzurri secure loan funding from Oaktree Capital Management. The club has sustained a loss of approximately €102 million in this financial year that ended on June 30. Further, the coronavirus pandemic has hit the club hard. In fact, club CEO Giuseppe Marotta said they had to cut the wage bill to keep the business viable during the pandemic. After a year of struggles, Suning took a €250 million loan from Gold Sachs in March. Since there were various pending wages.
On the other hand, the Chinese government has imposed a rule which restricts Suning from investing funds outside the country. The government wants to bring their National team into the highlight. Furthermore, Steven Zhang recently has a meeting with the players to ask for help in the financial storm. He asked the players to give up two months’ salary. However, the players denied it. Plus, Oaktree Capital and Bain Capital offered to invest. While Bain Capital just wanted to offer a €270 million loan, Oaktree offered the loan with a plan for the future.
Nerazzurri secure loan funding, Conte will now meet the Suning to discuss future
The FIGC (Italian Football Federation) have given a deadline till May 30 to pay the remaining wages. Thus, Suning had to hurry up with the decision to secure the funding. Suning have controlled Inter through Luxembourg-based vehicle Great Horizon Sarl. And they own 68.5 percent of the shares. With the new deal, Great Horizon will receive three-year funding of €275 million from Oaktree Capital. And Oaktree are willing to buy out the 31 percent stock of LionRock later.
Now that the Suning have received a loan to handle the situation, they can afford to take a sigh of relief. Plus, Conte will finally discuss his future at the club. And the fans would be willing to see Conte with the Nerazzurri after the Scudetto win. It has been an extraordinary season for Inter as the Scudetto came after 11 long years.