Oaktree Capital Management

[pupivn]

So all contract negotiations are back to square one? Or have them been ever started?

 

[bubba zanetti]

Cant wait Agnelli family to buy us!

 

[Dave54]

So all contract negotiations are back to square one? Or have them been ever started?

I hope not. I think, after electing the new Board of Directors, we will go on with contract extensions and transfer business.

 

[Dave54]

Cant wait Agnelli family to buy us!

lol. There would be riots in Milan.

 

[.h.]

So all contract negotiations are back to square one? Or have them been ever started?

It should just be business as usual.

The new ownership and board will come in, explain the financial parameters (e.g. if there are any salary caps, for example), and from there, the management can operate within those parameters. I'd hope they arent too disruptive on things like salary caps, but there's always a risk. So for now it will be getting clarity on what things look like.

 

[vex]

I hope we see some commentary on strategy etc soon from these guys.

It's all corporate talk until we see how it works in action. Even if they say they want to win trophies, it can't be trusted coz they can put an x amount of years time frame on it, dress it in some sort of sustainability cloak with salary caps, and it becomes almost irrelevant. Similar to what milan owners are doing right now.

The only thing we can trust right now is that management will not be touched coz those are the things that require immediate action, and they obviously don't want to mess with that part.

 

[bolo]

so how much transfer budget?

 

[Dave54]

I see 5 guys voted for US Ownership. Any specific names?

 

[.h.]

It's all corporate talk until we see how it works in action. Even if they say they want to win trophies, it can't be trusted coz they can put an x amount of years time frame on it, dress it in some sort of sustainability cloak with salary caps, and it becomes almost irrelevant. Similar to what milan owners are doing right now.

The only thing we can trust right now is that management will not be touched coz those are the things that require immediate action, and they obviously don't want to mess with that part.

thats my pointa bout strategy

'we want to win trophies' isnt a strategy, its a vision

'we want to win trophies by restricting our salary/'ready-built' player budget, and instead focusing on youth development' is a strategy

 

[Gal]

My thoughts exactly. Talking about long term twice in the press release.

Yes of course you don’t go out saying short term for an assets that is about 0.5% of your total assets

 

[vex]

thats my pointa bout strategy

'we want to win trophies' isnt a strategy, its a vision

'we want to win trophies by restricting our salary/'ready-built' player budget, and instead focusing on youth development' is a strategy

Yeah, but they will never say that you will only see it in action. That's my point...

Milan owners are constantly mentioning titles, even cl, but in reality they are satisfied with getting cl spots and financially finishing the year in green and that's it.

 

[.h.]

Yeah, but they will never say that you will only see it in action. That's my point...

Milan owners are constantly mentioning titles, even cl, but in reality they are satisfied with getting cl spots and financially finishing the year in green and that's it.

i know, but we can pick some of it up in the press. if there are comments on things like salary caps, then you know whats going to come

 

[Gal]

So all contract negotiations are back to square one? Or have them been ever started?

They are back at square one, anyone proclaiming otherwise simply doesn’t grasp how such companies operate.

If one want a clue look towards Milan… They will cut cost if they can’t
offload Inter in a very short window

And they sell to whomever wants to pay the asking price they literally give rats who that is can be an American billionaire an oil state or some questionable character from India or middle east

 

[.h.]

They are back at square one, anyone proclaiming otherwise simply doesn’t grasp how such companies operate.

If one want a clue look towards Milan… They will cut cost if they can’t
offload Inter in a very short window

And they sell to whomever wants to pay the asking price they literally give rats who that is can be an American billionaire an oil state or some questionable character from India or middle east

I dont agree. I honestly believe - e.g. confirming Marotta, etc - the plan is not to be too disruptive in the short term right now. If they want to retain value and keep it on the full-stack value of the whole club, then keeping it intact will make a big difference.

We'll see soon anyway, probably!

 

[qb4ever_2k]

By trophies they probably mean Deloitte Scudetto di Balance Sheet

 

[.h.]

the thing that is interesting..

in oaktree's shoes, the first thing you'd do is invest the money to wipe the bonds. that'll take like 30m interest payments alone off of Inter's books, and its zero-sum because it all impacts the net equity, BUT you improve the EBITDA position of the club.

All outstanding shareholder loans should be gone with the default, too, so that is really nice.

If I was in their shoes, I'd consider a bit of investment into brand awareness in the US - pre-season tour, pushing english content more heavily, I think that could be some good RoI. If you can line up a couple of commercial deals, too,o you could easily flip into a decent positive EBITDA which means you've increased the valuation of the club quite significantly over the time period

obviously that is somewhat conditional on them wanting to increase the value of the club, which will depend on what this 'you must repay Zhang the difference between debt and transaction value' clause is

 

[Gal]

I dont agree. I honestly believe - e.g. confirming Marotta, etc - the plan is not to be too disruptive in the short term right now. If they want to retain value and keep it on the full-stack value of the whole club, then keeping it intact will make a big difference.

We'll see soon anyway, probably!

Companies like this dos not like bleeding assets they received due to previous owner neglecting loan obligations. One of the first thing they do is trying to stop the most serious bleeding, this usually means cutting expenses, restructuring the organisation. We better hope they offload the club within a very short period or we are in for a brutal change, they are not going to cover loses the way Zhang was because unlike him they don’t want to own a football club. Only if they know they can offload us fast will they act that way, otherwise they are going to make some drastic changes and this means restructuring, cutting cost, streamlining the organisation and looking for new potential income to increase revenue.

We better hope they don’t intend a long term plan because that is going be brutal

 

[Bluenine]

Announcement as expected, praising management and showing willingness to work with them. That's the most important thing, imo.

Also, it doesn't seem like they want to sell immediately, tbh.

The quicker they sell, the better it is for Inter. Oaktree are unlikely to invest to grow Inter, rather their mandate would be to make Inter more sellable ie cut the costs under the guise of "sustainability". I seriously doubt we can get someone like Calhanoglu under their management

Lets hope & pray they have a buyer lined up already. Oaktree should be more motivated to sell than Suning were, thats the only positive I see

 

[Mikele]

Do not forget: this is vulture fund. Same as Elliot. They will find somebody like Cardinale, to sell the club, but only with condition, that buyer borrow money from them with high interest rate. Their main target is money and only money. They want trophies. Really? Who is going to say different for sport club? I would like more to know who is owner of Inter. In this situation, we have unknown investors. I bet, many of them never watch any football game, and they do not care about our feeling for Inter. They only wants money. They invested money and expect percentage in return. We will see how is going with Lautaro contract and transfers this summer.

 

[.h.]

Do not forget: this is vulture fund. Same as Elliot. They will find somebody like Cardinale, to sell the club, but only with condition, that buyer borrow money from them with high interest rate. Their main target is money and only money. They want trophies. Really? Who is going to say different for sport club? I would like more to know who is owner of Inter. In this situation, we have unknown investors. I bet, many of them never watch any football game, and they do not care about our feeling for Inter. They only wants money. They invested money and expect percentage in return. We will see how is going with Lautaro contract and transfers this summer.

Are they really, though?

Im looking at their wikipedia page, and they dont have masses of exits, they have a lot of purchases..