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Isn't the collateral the club itself? How is it (with all its debt) worth more than the €330m they will be missing out on?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.
They'll probably follow Elliott's example (Milan). Sure they had some running costs and put some money in, but they're now selling the club for a reported €1.2B.
There are also reports of Milan's sale being complicated because of the ownership structure. If Zhang follows similar tactics, I can see Oaktree not willing to get tangled up in court cases. So then it might make sense to not seize control of the club. I guess time will tell but I expect the Italian courts to side with Elliott instead of Li Yonghong.