Inter's Financial Situation

[Adriano@10]

Tuttosh1t: Binance, Hisense, and LeoVegas are among the three major candidates to replace cryptocurrency company DigitalBits as Inter’s main shirt sponsor

Binance are also sponsoring Lazio and they seem to have solid investors, unlike FTX.

LOL we re fucking idiots if we go with binance how many times do we want to get fucked over by crypto frauds? Like this would be the 3rd fucking time......
Get your heads out of your asses...
Also fucken binance? How many money laundering cases does a company have to have against them before we dont consider them as possible partners?
Also dont get it twisted CZ is as big of a Fraud as SBF was probably even bigger as he s closer connected to Money laundering and shady stuff like this. While SBF was mostly fucking over his customers (like everbody in crypto).
Further more Binance still does not have a official HQ that there should be the red flag why we dont even consider them.
There is no helping this club if we go with CZ and Binance as our new main sponsor.... Best case is they turn out to be a ccp linked fraud and we get part of our money till that is revealed. More likely scenario Binance does not survive for another year cause their an obvious ponzi and we once again stand there broke and holding our dicks for no good reason.

Also LeoVegas is a 100x better sponsor than any crypto fraud, not great but atleast they are a real business and no a fucken ponzi.

/Rant

 

[ElDuccio]

https://twitter.com/x/status/1605513113226207233

Lmao

he is basically jocking about our financial situation, really sad.

 

[DARi0]

yeah, here`s the translation for every1:

https://twitter.com/x/status/1605526735713337347

ZHANG JOKES AT INTER PARTY – ‘LEAVE €5 FOR THE TRANSFER MARKET’

Inter president Steven Zhang celebrated his 31st birthday with a smile at the club’s Christmas party, joking about their resources in the January transfer window.

The Nerazzurri president, who enjoyed a few drinks with his colleagues as he closed out 2022, took the microphone to say farewell to all those who attended the party, making a small joke in English at the end.

Zhang said: “I’m turning 18 so I’m very happy. When you guys leave from today’s party, make sure you leave €5 at the door, I’m going to use it for the winter transfer market for Piero (Ausilio, ed.), because we really need it!”

A merry looking Ausilio quickly grabbed the microphone and responded: “You’ve been in Italy for seven years and you still don’t speak Italian! What the hell, speak Italian!”

Laughter and cheers were then heard around the room, ending Inter’s Christmas party on a light note.

Grande @Darth_Ausilio !!

 

[Helenio Herrera]

I, for one, would welcome our new global asset management firm overlords

Oaktree or bust

 

[junkie]

we are fucked

and it's not even funny any more

 

[RickyMaravilla'sRightFoot]

we are fucked

and it's not even funny any more

Have to disagree.
We are fucked but it is funny.

 

[vex]

Becoming more and more clear, the only way we see him sell is if fans turn against him big time. Unfortunately the majority of them are still drunk off of recent trophies we won, so it will take time, but imo this train is headed towards major crash and depending on when fans, especially in milan decide to wake up we will either have major catastrophe or serious crash.

The scenario where we exit this mess unscathed is long gone imo.

 

[.h.]

what fans are "drunk off recent trophies"? the second we sold hakimi everyone turned on zhang lmfao

 

[Forzanerazzurri]

Binance is another crypto scam with no headquarters and no liquidity.

 

[vex]

what fans are "drunk off recent trophies"? the second we sold hakimi everyone turned on zhang lmfao

Nah, that's not enough, i m talking major protests, not just bitching on social media. Until we get to that stage, everything is pointless.

And those trophies are exactly the reason why we didn't have those protests yet, if we were trophyless in these couple of years zhang would have probably sold the club, pressure would have been too much.

 

[.h.]

the protesting will be pointless as well, fyi. Zhang owns a majority, unless they lose the club or sell it, there's no pressure on them to change ownership. Protests will make no difference, especially with offshore owners.

 

[vex]

Major protests are never pointless, wtf are you talking about, lol. Do you think he will think about the paperwork, books and the fact he owns a majority when the mob starts knocking on his door, and he can't go on glory rides through milan with his little pagani themed inter car?

And yes, he can leave a country and remotely manage the club, but when fans turn on you to the point you can't live in the city anymore it's over no matter how powerful you are.

But unfortunately for us, that will not happen anytime soon, cos as i v said before we are a couple of years of missing cl places away for that kind of energy among fans.

 

[.h.]

lols

you think you can hound a guy out of the city when he's spend a few weeks here and there in it in the last few years? Its not like he even lives here now...

Cmon dude, you arent this naive.

Major protests rarely accomplish anything, in general, let alone majority owned football clubs where the fans actually have no say.

 

[DARi0]

Binance is another crypto scam with no headquarters and no liquidity.

Got any arguments to back this up?

Does this mean you expect Binance to crash/go bankrupt at some point?

Do we need a crypto thread on FIF?


Meanwhile, Serie A clubs saved by the bell:

ITALIAN GOVERNMENT RESCUES SERIE A CLUBS FROM TAX BILL​

The Italian Government has given a last-minute reprieve to Serie A clubs, allowing them to spread out a collective €500m in tax repayments, a decision that infuriated Napoli and Fiorentina.

The so-called ‘Salvacalcio’ amendment was shot down repeatedly by the Government, including Minister for Sport Andrea Abodi, who complained it would be insulting to the general public to see clubs given this extra help. There were also sides like Napoli and Fiorentina who protested it would provide an unfair advantage to clubs who had not been able to balance the books.

It is essentially an extension of the option introduced during the COVID pandemic allowing sports clubs to spread out the payment of taxes and other contributions over a series of instalments rather than all in one go. It was fought for hard by Lazio President Claudio Lotito, who as a recently-elected Senator, was able to work directly on introducing this amendment into the budget.

Overall, it will allow various sporting entities to delay the payment of €889m, but circa €500m of that is from Serie A football clubs alone.

According to news agency ANSA, clubs can pay over 60 instalments with a 3 per cent interest rate that is active from 2023 to 2027.

The first instalment must be paid by December 29, 2022. Missing even one instalment would see the entire agreement collapse.

It was a truly last-minute deal, because otherwise the full outstanding figure would’ve been payable tomorrow.

Such a comedy... no conflict of interest?

 

[Helenio Herrera]

No way Zhang gets another PIK loan with how Suning's money is tied up in China, and no way he gets a fair interest rate while restructuring in today's economy... He'll either sell by the summer of 2024 or gift the club to Oaktree. Doesn't matter either way imho.

Oaktree wouldn't grossly mismanage the club. They wouldn't be ambitious and they wouldn't pump money in, but at least they won't act stupidly irresponsible either.

 

[.h.]

TBH you're assuming a lot. The best thing for Oaktree is to NOT take over a football club, instead, keep milking us for interest on the principal... They dont want the operational overhead of running a football business..

 

[Helenio Herrera]

TBH you're assuming a lot. The best thing for Oaktree is to NOT take over a football club, instead, keep milking us for interest on the principal... They dont want the operational overhead of running a football business..

It's a PIK loan, how would they milk it? It's super risky for them to extend it. Unless you know something I don't.

 

[.h.]

I'm just speculating, but ultimately, the best thing they can do is keep refinancing the club and forcing us to generate cash to pay them - e.g. if the payment on term is partially refinanced, but partially cash... trapping someone in a debt cycle is a great way to generate cash, ultimately. As long as the collateral is worth more than the debt, you're golden.

 

[ADRossi]

At this point, do we hope that Zhang defaults on the repayments and we end up as an Oaktree property?

I imagine they’d want to move us on pretty quick, but I don’t know what kind of ownership we’d end up with through that scenario.

Yes. This is the Milan unicorn scenario and 100% the best thing that could happen to us. OakTree would take us over with a basically nonexistent cost basis. They'd easily be able to sell us and make a profit, and might even eliminate some of our debts in the process.

 

[CafeCordoba]

Refinancing and refinancing all over again only makes the situation worse for Inter. We refinanced our bond this January and due date of that is in 2026 or 2027? So there's no hurry with that, except we of course pay those sizeable interest payments all the time. But we're still making losses each year and AFAIK losses are partly covered with that Oaktree loan Zhang took 2021 after the Scudetto. That 275m loan is used bit by bit and it will be used fully at some point. Then we need more money to stay afloat and that's the point we are truly fucked. Since the deal Zhang can get will probably be a lot worse. Unless we start selling more of our big players.

It's definitely interesting 2024 (due date of that Oaktree loan) is only 1,5 years from now. Not too far and I don't know how Zhangs are planned to pay that.