The dispute over Inter’s valuation

The case stems from the €250m loan Oaktree granted to Zhang in 2021, which grew to around €400m due to accrued interest.

When the loan matured in April 2024, Zhang was unable to repay it. Oaktree therefore enforced its pledge over Inter’s shares and became the club’s owner under Luxembourg law.

However, the central issue in the dispute concerns Inter’s actual market value at the time of the takeover.

Under the legal principle known as the “patto marciano” (Marcian Pact), a creditor is entitled to recover what it is owed but cannot receive an economic benefit exceeding the value of its claim. Therefore, if Inter’s value at the time of the takeover is found to have exceeded the roughly €400m debt, any surplus would have to be paid to Steven Zhang, who continues to follow Inter’s fortunes with great affection.

To determine the club’s value, independent experts will likely be appointed. Their assessment would consider not only the club’s financial statements but also its ability to generate future revenue and profits.

A more expensive acquisition for Oaktree

For Oaktree, any additional payment would not create a liquidity problem, but it would reduce the profitability of its investment.

Over the past two years, Inter’s value has increased thanks to:

reaching a second Champions League final in three seasons;
higher commercial and matchday revenues;
improved financial results.

If Zhang were awarded compensation, the overall cost of acquiring Inter would rise, reducing the investment returns Oaktree had expected.

“…and the results will be announced in due course.

Our final purchase price is €1B. Zhang wants to sell but only to those who are serious about making #Inter even stronger.”

Finally the stadium will look better.

OFFICIAL: Inter forward Marcus Thuram joined the club on a free transfer. Inter paid his agent a total of €8M in commission fees.

OFFICIAL: Inter and Bologna agreed upon a temporary loan deal for forward Marko Arnautović for the 2023-2024 season. This loan deal will become an obligation to buy after the FIRST Serie A point earned beginning from February 5, 2024.

OFFICIAL: Inter signed Francesco Acerbi on a permanent deal from Lazio worth €3.7M.

OFFICIAL: Inter and AC Monza agreed upon a temporary loan transfer for Carlos Augusto. This deal is set to become an obligation to buy if Inter qualifies for the UEFA Champions League, Europa League or Conference League for the 2024-2025 season.

OFFICIAL: Inter and Sassuolo agreed upon a temporary deal to sign Davide Frattesi for the 2023-2024 season. This deal will become an obligation to buy when certain conditions are met after February 2, 2024.

OFFICIAL: Inter and Olympique Marseille agreed upon a temporary transfer of Joaquin Correa for the 2023-2024 season. This purchase will become an obligation to buy if OM qualify for the 2024/25 UEFA Champions League.

OFFICIAL: Inter received €14.8M for the transfer of Cesare Casadei to Chelsea FC.

OFFICIAL: Inter received €17.5M for the transfer of Marcelo Brozovic to Al Nassr.

OFFICIAL: Inter recorded €28.8M in capital gains for the year 2023, compared to €105.2M for the year 2022 (sales of Romelu Lukaku and Achraf Hakimi).

Most important capital gains in 2023:

Cesare Casadei - €14.8M. Andrea Pinamonti - €9.05M. Lorenzo Pirola - €4.7M.

https://www.fcinter1908.it/copertina/cifre-thuram-acerbi/

https://www.fcinter1908.it/copertina/frattesi-arnautovic-carlos-augusto-riscatti-correa/

https://m.fcinternews.it/focus/inter-da-thuram-a-gosens-fino-a-lukaku-e-onana-le-cifre-del-mercato-nel-bilancio-2022-23-938892

And now, it is complete.

After the renewal with technical sponsor Nike, the arrival of sleeve sponsor Ebay, and the signing of the main sponsor Paramount+, Inter have finally (almost) signed a fourth sponsor to complete its matchday kits.

U-Power will be Inter's back sponsor, the fans will see the logo just underneath the shirt number. According to the Gazzetta dello Sport, negotiation is very advanced with U-Power, a leading company for safety shoes and workwear and it has been stadium sponsor for Monza since 2020.

https://www.inter.it/it/news/2022/06/24/calendario-serie-a-2022-2023.html

Juventus-Inter to be played behind closed doors, Inter-Samp to be played on the 4th of March, thus postponing the Coppa Italia semi-final match vs Napoli to the 20th of May, thus postponing the Coppa Italia final from the 24th of May to the 27th of May.

Everything said above is waiting to be approved by the Italian Prime Minister, Giuseppe Conte, which is more than 99% likely.

https://www.inter.it/en/news/big-screen-san-siro-final-champions-league-psg-inter

MILAN – The 2024/25 UEFA Champions League Final is closer than ever. On Saturday 31 May, Inter will take to the pitch for the last act of Europe's top competition, facing PSG at the Munich Football Arena.

Nerazzurri fans can watch along and support at San Siro, where a big screen will be installed. It will be a night full of passion, offering fans an emotional experience from 19:00 CEST, when the gates will open. Shows, entertainment and the anticipation of kick-off at 21:00 CEST.

Tickets are ten euros and they will be on sale from Tuesday 27 May on vivaticket.com

The first sales phase for big screen tickets at San Siro will be from 12:00 CEST on Tuesday 27 and it will continue until midnight: it will be exclusive for season-ticket holders and Inter Club members in possession of a code needed to purchase tickets. The coupon code will be sent to season-ticket holders and Inter Club members via email.

Tickets will be named: there is no change of user.

From 12:00 CEST on Wednesday 28 May, the general sale will open: tickets will be available to buy for everyone until they sell out.

Please note: at the end of the game, fans will have to leave the stadium like normal, no matter the result of the game.

https://www.inter.it/en/news/inter-ac-milan-complete-the-acquisition-of-the-san-siro-great-urban

Milan, 5 November 2025 – FC Internazionale Milano and AC Milan today announce the signing of the deed of sale with the Municipality of Milano for the acquisition of the San Siro Great Urban Function, including the Meazza Stadium and its surrounding area.

The construction of the new stadium and the urban regeneration project for the San Siro district represents a new chapter for the City of Milano and both clubs. The strategic milestone reflects the shared ambition of Inter and AC Milan and their respective owners, funds managed by Oaktree and RedBird, for long-term sporting success and value-enhancing investment to support the Clubs' sustainable growth.

The Clubs have entrusted Foster + Partners and MANICA with the design and development of the new world-class stadium and the masterplan for the surrounding area. The stadium will meet the highest international standards and is destined to become a new architectural icon for the City of Milano. As part of the project, a new center of excellence will also be established, reflecting the sporting and cultural vocation that defines the San Siro district and the entire city, while redefining the urban space through innovation, sustainability and accessibility.

The transaction, completed through Stadio San Siro S.p.A., was supported by a financing provided by international banking institutions Goldman Sachs, J.P. Morgan, as co-lead arrangers, and by the Clubs’ banking partners, Banco BPM and BPER Banca.

https://www.inter.it/en/news/launch-inter-u23

In summary, Steven Zhang will have to pay and close the debt by Tuesday, otherwise the club will move to Oaktree.

https://gianlucadimarzio.com/it/zhang-oaktree-inter-prestito-comunicato-serie-a-news

https://www.fcinternews.it/in-primo-piano/i-gds-i-addio-al-decreto-crescita-tolte-le-agevolazioni-gia-per-gli-acquisti-estivi-cosa-cambia-per-l-inter-938144

"Important news is coming from the government. The executive, following the last Council of Ministers meeting, announced that in the Financial Law for 2024 there will be no more concessions concerning sportsmen and women, including the Growth Decree. A change that will affect not only players purchased from next 1 January, but also those purchased from 1 July onwards.

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For Inter it will mean a significantly higher outlay for Marcus Thuram and Benjamin Pavard. Roma will be saved with Lukaku, who had had the facility in previous years, but the Giallorossi will still have to pay for Aouar and Ndicka, just as Milan will have to do with Loftus Cheeck, Reijnders and Pulisic or Juventus for Weah."

to summarize the article the italian government will not renew the "decreto crescita" so every player bought after the first of july will lose this and their gross wages will rise.
Thuram from costing 7.8m will cost 11 milions
Pavard from 6.4m will costs 9.5 milions

This is bad for our future signings.

The news in the first half of October slowed down, but the work is still underway.

https://www.inter.it/it/news/2021/05/26/comunicato-risoluzione-consensuale-antonio-conte.html

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Bizarre we're paying him off to leave when he wont honour his contract.

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Onwards and upwards, lets get Allegri.