Inter Milan are riding high after clinching the Serie A title with a victory in the Milan derby. However, the new Italian champions are still grappling with off-field uncertainty.
Last season's surprise run to the Champions League final appeared to be a singular achievement for Inter, a club steeped in European football history. Like many top clubs across the continent, Inter faces the challenge of bridging the financial divide compared to the wealthier Premier League teams and state-backed clubs such as Paris Saint-Germain.
Despite their on-field success, Inter's off-field situation remains unsettled. The club is still dealing with the repercussions of an emergency loan obtained from investment fund Oaktree three years ago. The loan, which reportedly amounts to between 375-380 million euros ($400-$406 million), including interest, must be repaid in full next month.
That loan – whose exact figure Inter would not confirm to Agence France-Presse (AFP) – had been taken out in 2021 as Inter and other Italian clubs were hit hard by the COVID-19 pandemic.
Oaktree can, much like Elliott did with Milan in 2018, take control of Inter should that loan either not be repaid or refinanced by Inter's Chinese owners, Suning.
Inter President Steven Zhang appeared bullish at Sunday's Formula One Chinese Grand Prix, strongly hinting that come the summer, he will still be president.
"Every day there are rumors (about Suning selling) ... What I can say is that we will continue to fight, continue to win," said Zhang to Sky Sport on the paddock at the Shanghai International Circuit.
"None of the rumors are true. As long as I'm the president, as long as I'm the owner, we will continue to win."
New deal
Zhang was not in Milan for – Champions League final aside – the biggest game of Suning's near eight-year reign as owners, and in fact, hasn't been there for months.
Zhang, who lost a court case with China Construction Bank over personal debts of 320 million euros, is negotiating a reported 400-million-euro loan with another U.S. fund, this time with Pimco. Inter will use this loan to pay off Oaktree and keep the club with Suning.
Contacted by AFP, Pimco said that they "couldn't discuss ongoing negotiations."
While effectively kicking the can down the road with another reported three-year loan with even higher interest than the 12% negotiated with Oaktree, strong performances on the pitch and in the transfer market should boost accounts that have suffered since the pandemic.
Inter posted losses of 85 million euros in 2022/23, following even heavier losses of 140 million euros and 245.6 million euros in the previous two seasons as stadiums were partially or fully closed due to the pandemic.
Zhang also basically confirmed a contract extension for Simone Inzaghi, who has done a superb job in difficult circumstances since replacing Antonio Conte three years ago and is expected to sign an extension until 2027.
Stadium uncertainty
New deals for captain Lautaro Martinez and Italy midfielder Nicolo Barella are also in the offing, while this summer is set to be the first in some time where a star player won't need to be sold to balance the books.
"I've said many times that it's a gift for me as president to work with a coach like Inzaghi," added Zhang.
"He gives me confidence and keeps the environment calm and stable. We're going to continue together."
Inter also remains in limbo regarding their own stadium after plans to build a new ground on the San Siro site with AC Milan petered out last year.
Inter have pushed ahead with a new stadium project in the town of Rozzano, just south of Milan, which corporate CEO Alessandro Antonello has said is the club's priority despite talks with AC Milan and Milan city council over potentially taking possession of a renovated version of the current San Siro.
Italian construction group WeBuild is working on a feasibility study for a renovation to be finished in June, which the city of Milan hopes can convince its two world-famous football clubs to stay within its borders.
Milan's mayor, Giuseppe Sala, has repeatedly expressed worry about what will happen to the San Siro if both teams leave. AC Milan has bought land in the suburb of San Donato Milanese for its own stadium project.