Il Corriere dello Sport, in a piece by Alessandro F. Giudicedelves further into the discussion relating to the future of Inter in terms of ownership.
“In recent months there had been a certain optimism about the possibilities of refinance the loan that the application of 12% annual interest with the PIK mechanism (Payment In Kind, i.e. interest “paid” with additional debt) has increased it to almost 400. If an annual interest of 15-20 percent was applied to this amount, as it was ventilated, it would reach in two years a 500-550 million – writes Giudice –. That’s difficult Oaktree can calmly welcome, without further guarantees, this prospect. Enforcement of the pledge would expose Zhang at a high risk: Oaktree would purchase the ownership of Inter by liquidating the difference between the theoretical value of the club (which an appraiser would have to establish) and the amount of the debt. When Elliott dispossessed Milan’s mysterious Chinese owner, an appraisal by the expert (Professor Gualtieri) had estimated the club in a range between 431 and 610 million. If even in this case the appointed evaluator were to develop a conservative estimate (or a prudential price range), Suning would leave many millions on the table, leaving the scene with little.” Scenario, therefore, unlikely.
At this point, the most likely situation leads to Zhang’s farewell. The arrival of a buyer, however, according to Giudice, would allow Oaktree to repay the loan, offering Zhang a value closer to market references and perhaps the option to convert any difference obtainable from the sale into a minority share .
“Certainly, someone has recently started an evaluation procedure for Inter, entrusted to an international advisory company that will be selected in a few days. This is almost certainly a buyer that Oaktree would have involved in the operation and about whom we will have more information in the coming days,” we read.
