Marco Bellinazzo, journalist of the Sole 24 Ore, spoke to the microphones of Radio Nerazzurra to comment on the club moment of Inter
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Marco Bellinazzojournalist of the Sole 24 Ore, spoke to the microphones of Radio Nerazzurra to comment the corporate moment of Inter. Here are his words: “The Zhang affair is paradoxical, when one goes to contest a resolution in which the company chaired by himself does not pay him his salary: you want this to be paid in order to attack him, as if this could fill the debt that is under investigation for over 50 million dollars. It is a functional act to create an image problem for Zhang. The real problem is that Inter is ending up in these gears and it is no longer acceptable for this to happen in such a prolonged manner.
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It is important to underline one point: Suning had many difficulties in a collapse of the Chinese economy due to the pandemic, it was helped by the government and we remember that Suning remains a giant with a turnover of 10 billion dollars and would have no problem supporting the Inter, without spending 600 million in 4 years but in an adequate way. Chinese policy, however, prevents these investments, there will soon be a new meeting and the ban on investing in clubs abroad will be confirmed. There is a clear political choice regarding Suning.
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As for the Zhangs, they must abide by these guidelines: but having made these investments, they would like to return and make a profit. Since there is an important debt in Inter, however, it will be difficult to obtain a capital gain: that billion and 2 is a minimum stake in order not to leave with broken bones. This is where the market is having difficulty: if you know that the seller has to sell, with the fact that there is an expiration of some bonds, you are inclined to offer a low price. There is interest in Italian teams, also on Inter: the theme is where supply and demand will meet “.
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“Oaktree is a creditor, not direct of Inter but of companies that are above. Zhang is exploring the market, for Steven, who is very tied to Inter and if he were up to him would continue to guide it, find a minority partner who can relieve liquidity problems would be ideal. The problem is finding who would put the money to make others rule. This is always the first option for Zhang, but experience leads us to say that if a large fund arrives, it is difficult to accept a share minority, or accepts it for a short period and then takes control of the company “.
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On creditors: “We are talking about Zhang’s creditors, not Inter. The political rather than financial issue that arises is to put pressure on Zhang’s media activity, where the problems are much more complex: it is very complicated to understand the logic of certain operations. The theme is to create a media problem for more complex games that are being created in China in the Suning galaxy and for relations with banks in an intertwining between industrial conglomerates and politics that in China it is always very difficult to understand. “I would keep the two issues separate, if anything, the passage of the public debate on the stadium and an acceleration on the realization would make the sale easier, giving a prospect of increased revenues and greater value to the club”.
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“The operations in recent years are being carried out by funds together with American sports business entrepreneurs, they have bought more than 60 clubs in two years in Europe. This is the central element: the Chinese are withdrawing, the Russians are selling, the another large basin from which investments are coming is the Middle East, but even there we are talking about government funds. But the main ones already have teams “.
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On the congress of the Chinese Communist Party: “It all depends on the choices that the Communist Party will make on foreign football: this was a central element of expansion between 2015 and 2017. Then they did not qualify for the World Cup in Russia and they understood that buying clubs and importing players only fueled a bubble with no results. So they reconverted these investments in national football with the plan to host a World Cup and win it by 2050. In this perspective, investments abroad are banned: should this be confirmed line, investments on Inter would be blocked and this would no longer be acceptable for a club that has to invest, it cannot go to the market with its hands tied. “
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What does Zhang do if he doesn’t get the amount he wants? Bellinazzo replies: “He goes on until the moment comes when the bonds need to be refinanced and he has to make a choice: the debt can be paid or extended, or Oaktree becomes the owner of Inter, then having his hands free to carry out an operation such as Elliot or put it on the market immediately, making a great deal, taking Inter for 275 million and selling it for a capital gain.
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The valuation of 1.2 billion? The problem is that when it is evaluated, there is financial debt inside: here it is important, it exceeds half a billion. Suning put us 600 million in various ways, 1.2 billion becomes the minimum figure to have 100 million in revenues and justify the operation. However, the image is now deteriorating if we continue with this policy, acceptable in times of crisis and in the cut of salaries: but in the long term it risks deteriorating the technical heritage and the relationship with the fans, which is fraying. A choice is increasingly necessary: in this moment, however, the buyers are stronger than the seller because they know the difficulties “.
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September 26, 2022 (change September 26, 2022 | 11:42)
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