Oaktree Capital Management

[SiamoNoi]

https://twitter.com/x/status/1793569512094044188

Interesting thread to check out from our guy who was on Inter Jections before.

 

[pier]

But it was positive for a first time in a long time,right?

These were the projections made by CF in February of this year.

According to that, we might reach a positive by the end of the next season. As many of you may know, though, last season's strong capital gain combined with our sporting accomplishments have improved our finances.

Regarding to Net Profit positive, it may be challenging to reach it soon. Look at the player trading figure (5), which represents the total capital gain. Getting that similar amount without sacrificing the overall sporting side would be difficult. Amortisation will be lower next season unless we make some serious investment.
Perhaps the new ownership can improve the revenue much more so we don't need to sacrifice the costs from sporting side.

At least, OT allowed us some breathing room. As long as our directors remain in their positions, the sustainable and prudent plan may go forward.

 

[Dylan]

I for one welcome our new Alien Overlords.

 

[SiamoNoi]

These were the projections made by CF in February of this year.

CF is Calcio Finanza or something else?

 

[pier]

CF is Calcio Finanza or something else?

Yes it's Calcio Finanza

 

[Cane]

Glazers. Man Utd. Shit.
Liverpool succeeded with Klopp and with the Coutinho money, we'll see how they do now. One of the better run clubs of course.
Kroenke. Arsenal. Everyone hates him.
Chelsea's Boehly has been called a clown for his transfer dealings.
Bournemouth, Crystal Palace, Fulham, Burnley... American owned. Do we praise them as well?

Bournemouth owner also owns the Vegas Knights, who were from their inception into the NHL a top team. So my guess is he will also be a fine owner in the PL. Can't say enough good things about him honestly. Don't be surprised if they build well year to year, at least until he kicks the bucket. He is very old.

Kroenke took time to learn the ropes. I get fans being unhappy with his early years, but it is true that Americans generally lack knowledge of this sport. Very few of us percentage-wise grow up playing this game and have that knowledge it gives you. But Arsenal is a well run club now which is not a surprise.

Glazers are the kids of the man who made the purchase of United. Squabbling group of fucking morons who will eventually sell to the Brit minority owner.

Boehly is in the early stage of learning the ropes at Chelsea. I don't like the dude but he will eventually figure shit out.

 

[Cane]

Re: Oaktree holding on to Inter I think that is unlikely. This club is very attractive right now for sale. It is packed with good players at a decent contract cost, there is a big game manager in place, and its home is a major international city. To not immediately put them on the block would be the highest form of stupidity.

Though that said in today's world with so many companies being stupid who is to say this one won't be as well. So who knows. But I will be surprised. I'd say by the summer at latest we'll get wind that they are taking offers.

 

[Il Drago]

Italian Minister of Sport, Andrea Abodi:

“Yesterday I received an email from the Oaktree fund which presented its credentials and made itself available to illustrate a long-term project. In the continuity that may seem like discontinuity with respect to the Zhang property, it tried to give calmness.

It seems to me to be a comforting sign of innovation because it shows that there can be a way to maintain the global financial dimension and transfer it while respecting transparency. Of course, it doesn’t seem like a Oaktree acquired #Inter legitimately and transparently: a debt signed and not respected which included an enforcement clause for the entire company.

But let’s see how much this new ownership will want to continue investing. I am convinced that this is a good start for #Inter.”

 

[Puma]

There's a whole lot of positive talk with Oaktree saying that they will honour our past and the fans. But at this stage, it is difficult to know how things are going to turn out.

Sooner rather than later, they will be forced to show their hand as they cannot let the contract extensions of Inzaghi, Barella and Lautaro remain in limbo. That will be the first indication of the direction in which they are going to take the club.

Right now, I am reading any news regarding their future intentions with a dash of doubt: only time will tell.

 

[Dave54]

If they do that, they will lose money on their end. Inter will become a mid table team and value will go down.

 

[Dave54]

Inter Xtra
@Inter_Xtra

OFFICIAL: #Inter has communicated the change in ownership.“On May 22, 2024, F.C. Internazionale Milano S.p.A. (“Inter”) received a notice from its shareholder Grand Tower S.à r.l. (“GT”) – holding a 68.55% stake in the share capital of Inter - with which it has been informed, inter alia, (i) of the enforcement of the pledge on the shares of Great Horizon S.à r.l. (sole shareholder of Grand Sunshine S.à r.l. which, in turn, is the sole shareholder of GT) (“GH”)by GLAS Trust Corporation Limited (“Security Agent”), as agent, and OCM Luxembourg Sunshine S.à r.l. (“OCM” an entity related to funds managed by/entities affiliated with Oaktree Capital Management, L.P.(“Oaktree”)), as vehicle designated, appointed and authorised by the Security Agent; and (ii) of the circumstance that, as a result of the aforesaid enforcement, OCM acquired direct control of 100% of the share capital of GH and, therefore, indirect control of Inter. On the same date Inter was further informed that GH has also acquired control and ownership of LionRock Zuqiu Limited, a company that indirectly holds 31.05% of Inter’s shares through its subsidiary International SportsCapital S.p.A..𝗔𝘀 𝗮 𝗿𝗲𝘀𝘂𝗹𝘁 𝗼𝗳 𝘁𝗵𝗲 𝗮𝗯𝗼𝘃𝗲, 𝗢𝗮𝗸𝘁𝗿𝗲𝗲 𝗵𝗮𝘀 𝗮𝗰𝗾𝘂𝗶𝗿𝗲𝗱 𝗼𝘃𝗲𝗿𝗮𝗹𝗹 𝗶𝗻𝗱𝗶𝗿𝗲𝗰𝘁 𝗰𝗼𝗻𝘁𝗿𝗼𝗹 𝗼𝗳 𝟵𝟵.𝟲% 𝗼𝗳 𝘁𝗵𝗲 𝘀𝗵𝗮𝗿𝗲 𝗰𝗮𝗽𝗶𝘁𝗮𝗹 𝗼𝗳 #𝗜𝗻𝘁𝗲𝗿.No Change of Control Triggering Event is outstanding under the €415,000,000 Inter Media and Communication S.p.A. 6.750% Senior Secured Notes due 2027 (“Senior Notes”) and none of the events above have caused any Default or Event of Default under the Senior Notes. No forward looking statements are being made in this announcement and all statements are made only as of the date of the announcement.”

 

[CafeCordoba]

The last part talks about the specific thing I've been talking about. There comes the confirmation that the change of control is NOT triggered by this change of ownership and I assume it was baked in to that bond when it was taken as Oaktree was already in the scene in 2022 when it happened.

But when they sell the club, this Change of Control Triggering Event will surely happen, so that's when the bond needs to be paid back. And I assume it will be part of the deal obviously, so that Inter as a club do not have to start selling players to make up for that 415m, but the new owner will cover it.

 

[SiamoNoi]

Of course, it doesn’t seem like a Oaktree acquired #Inter legitimately and transparently

what

 

[brehme1989]

what

He means it was a behind the scenes deal and not an outright acquisition.

He's not really off.

Doesn't mean it was illegal or anything

 

[Barellielo]

Football club Inter Milan this week became the property of Oaktree Capital Management, a Los Angeles-based debt specialist that manages nearly $200bn and is owned by Brookfield.

Oaktree in 2021 had loaned €275mn to Inter Milan’s then-majority owner, Chinese retailer Suning, to help weather the pandemic. The club’s fine on-pitch performance did not do enough for its bottom line. The loan balance, through a so-called payment-in-kind feature, ballooned to €400mn based on a 12 per cent interest rate. When Suning could not repay or refinance the loan, Oaktree moved in.

The presence of big-money financial investors, from Wall Street to sovereign debt funds, is not new anymore in professional sports. But rather than just private equity, private debt funds are proliferating and offering expensive loans for sport franchises that may not be steadily cash generative.

In US sports leagues, franchises were typically family-owned and passed through generations. Eventually the “masters of the universe” arrived with their personal fortunes. But leagues historically forced team owners to be conservative with debt capital.

With franchise values skyrocketing, leagues are becoming more lax on capital structure restrictions. Tapping private debt could allow heady paper valuations to materialise in deals. That comes with risks. The National Basketball Association’s Minnesota Timberwolves are in the middle of a sale in which an issue arose over how much a potential loan from the Carlyle Group to the putative buyers would end up limiting sporting decisions.

A person close to Oaktree told the Financial Times that by taking over Inter Milan, it was protecting the investment of its limited partners. In a press release, the firm also acknowledged the club’s “community, history and legacy”.

Can Oaktree be a long-term football owner? Can big profits coexist with chasing trophies? The more pressing question for football fans is how much debt the fund itself will want to put on the team now that its balance sheet has been cleansed.


ANOTHER FT Article, but the balance sheet is not cleansed

 

[Dave54]

Inter Xtra
@Inter_Xtra
·
1h

A meeting between Simone Inzaghi and the new ownership is set to take place NEXT WEEK.

 

[interman]

How they "acquired" LoinRock's shares?

 

[brehme1989]

How they "acquired" LoinRock's shares?

iirc Lion Rock's shares were pretty much funded by some sort of Suning loan that has the power to recall it, so it's probably a package deal

 

[crzdcolombian]

How they "acquired" LoinRock's shares?

haha did Sunning have no money? Like the finish guy who super annoying about buying us. I allegedly have 1 billion dollars but am looking for investors to help me buy inter with their money with me as CEO and owner. It's a life long dream of mine to own something for free. I will make Inter Great again.

 

[Dave54]

The second star is in the last, the next step is the Champions League. Oaktree wants to make #Inter a ‘European team’, one that is always in the final stages of the Champions League. This will explode revenues and make the brand bigger. [via
@Gazzetta_it]