Pressure is building for FC Internazionale Milano SpA’s majority stakeholder Suning Holdings Group as a deadline has arrived for the Chinese retail giant to repay a multimillion-euro loan or risk losing control of the club, reports Caixin. Suning, which owns a 68.55% stake of Inter Milan, has until Monday to repay some €350 million ($380 million) including €275 million in principal and €75 million in interest owed to distressed debt investor Oaktree Capital Management LP, one creditor told Caixin. The loan was made under a 2021 deal that allows Oaktree to take over the club and sell it in the event of a default.
The funds can be wired as late as Tuesday following Monday’s bank holiday in Luxembourg—home to Suning’s holding companies, which took on the debt.
On Saturday, in response to speculation about the club’s financial stability, Inter Milan President Steven Zhang said in a statement published on the club’s website that “we have been making every attempt with our partner to find an amicable resolution, including multiple paths for Oaktree to achieve full and immediate financial return.”