Home » Inter, not just Pimco: the Saudis look at the club’s accounts

Inter, not just Pimco: the Saudis look at the club’s accounts

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Inter, not just Pimco: the Saudis look at the club’s accounts

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A two-step plan for the shareholding future of Inter, fresh from the Scudetto. The first move seems within reach. Within two weeks, probably the first week of May, Inter president Steven Zhang could announce a new refinancing agreement upstream of the Nerazzurri club’s control chain. In fact, the 275 million euros loaned by the Californian financial group Oaktree 3 years ago, a Pik-type credit line expiring on May 20th, need to be refinanced. It is a total of 380 million, if interest is added.

Refinancing

Negotiations are in fact underway with the US group Pimco, an asset management giant. The refinancing agreement only needs to be signed, but the negotiations are said to be at a good stage. The basis of the negotiations with Pimco would be focused on a 400 million euro loan with a rate more or less equal to that granted by Oaktree in the last 3 years, i.e. 12 percent. In the meantime, Oaktree, which is not yet totally excluded from the matter, has set its own conditions: that is, a refinancing with a shorter time horizon.

In any case, in financial circles, more than refinancing, we look at the type of loan. It would be a bridge loan aimed at the sale of a shareholding in the Nerazzurri club. Precisely on this side, the second move that could be foreseen, the rumors are thick.

The Saudi moves

The rumor that a Saudi consortium has started a due diligence on Inter’s accounts, requesting specific documentation from the club, has been circulating insistently for a few days now. When contacted, circles close to the Nerazzurri club did not comment on the topic, but this time it seems more than a simple suggestion. Other sources point out that a group like Pimco would never have gotten involved in a refinancing operation without having someone concrete behind it.

For his part, Steven Zhang, who has indicated his desire to stay at the top of Inter’s ownership, however appears at a crossroads: keeping Inter for another three years, but finding himself having to repay a debt in three years even greater (around 500 million euros) or open the door to a new shareholder. Zhang, who has been attending club meetings only from China for a few months, will also have to decide on this last front once the refinancing is closed. One of the issues, until today, had been Inter’s valuation: 1.2 billion euros. It remains to be seen whether, for possible buyers, this is a fair assessment of a company that will have to develop the stadium project in the coming years and which will participate in the Club World Cup in 2025.

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