After winning the Serie A title, Inter Milan will be looking to navigate through financial problems. The Italian club is on the verge of signing a deal worth $336 million with US investment group Oaktree Capital Group, reports Reuters.
The two parties involved are very close to the matter as of Wednesday. Inter Milan has been one of the biggest clubs in Italy and in the world but they are having a financial crisis because of the impact of the COVID-19 pandemic.
The Chinese owners of the club have been discussing this deal for months to boost up their finances to a certain level. The loan would be granted to Great Horizon Sarl, a Luxembourg-based vehicle company, through which Chinese retail giant Suning controls Inter Milan. The clubs shared would be given to Oaktree as a loan.
As per this deal, Oakland will receive a 31% stake currently held by Honk Kong-based firm- Lion Rock Capital. As per Reuters’ report, Lion Rock’s head of Europe, Tom Pitts would step down from the Inter Milan board of directors.
Oaktree, Lionrock, and Suning are yet to comment about this deal. Oaktree would be one of the main holders of the sum issued by Inter Milan’s media group which will expire in 2022. The Chinese group Suning has been owning the club since 2016 and has 68.5% of the club under them.
CEO of Inter Milan, Giuseppe Marotta has also revealed that the club should reduce the wage bill to make the business sustainable. The Nerazzurri has been facing a drop in revenues due to the pandemic as games were being played in empty stadiums and companies have cut sponsorship budgets.
Inter Milan has won Serie A for the first time in a decade after beating Juventus’s streak of nine consecutive titles. They are yet to play their last game of the season against Udinese on 23rd May. Inter will have to give assurances about player recruitment in the summer to keep hold of first-team coach Antonio Conte.