The Suning Commerce Group

[Puma]

Sitting in front of the computer continually checking for updates until Midnight Tuesday morning is not how most posters on here want to spend their time.

When you think about it, not having a plan so late in the piece combined with the Statement from Steven Zhang may well spell the end of Suning's rein.

I doubt there will be any last minute reprieves and think it is quite an undignified end to Suning's time as our owners.

 

[Puma]

Drago, I thought the deadline is Midnight Tuesday which is only twelve hours away.

 

[vex]

I would say before they managed to sell.

You think they won't have buyers lining up immediately? That's possible... I don't know which is a better option for us if oaktree takes charge tbh. Maybe it will be better for us and for them if they wait a little bit. At least that's what the latest rumors are saying.

 

[Il Drago]

Drago, I thought the deadline is Midnight Tuesday which is only twelve hours away.

Initially It was. But Monday is a bank holiday for Luxembourg where Suning holding company is based so it has moved to Tuesday.

 

[NimAraya]

It's surprisingly low-attendance in the thread though, I guess most have come to terms with the inevitable change and uncertainty.

For me it's because I'm waiting to see what's about to happen, cause as of now nothing is clear so I'm not worried nor excited. Sooner or later this had to happen.

Inter is in a better state now as they were some years ago, so we might find more and better suitors waiting to take over the club.

 

[vex]

I doubt there will be any last minute reprieves and think it is quite an undignified end to Suning's time as our owners.

Absolutely agree with this. Their legacy will kinda be tarnished despite all the trophies, if takeover happens. If zhang acted more selfless and realized earlier these loans only lead to a certain type of outcome we are living today, maybe he could have in these last one or two years lobbied or tried something so we can end up in competent hands after him.

Instead, he just ended up like a little boy desperately clutching to his toy and not wanting to give it up, completely ignoring harsh reality.

 

[.h.]

Just to be clear

No one worked under any restrictions because of Zhang's loans. They worked under restrictions because Inter spent more than it made, and Zhang's loans helped to alleviate the problem, not make it worse.
@vex


The oak tree loans impact the ownership of the club. The club itself has less than 1.5% of our annual costs impacted by oak tree loans. We've probably paid more in golden handshakes than interest on the oaktree loans.


(These are simple facts from our financial statements.)

 

[Pimpin]

"It’s possible that there is a clause in the Oaktree loan contract that if a third party comes into play and helps Suning refinance, a €50M penalty would be ADDED to the loan and interest (€385M)".
Raine Group and Goldman Sachs lawyers are constantly at work. Steven Zhang and Suning will do everything possible to maintain control of #Inter until the end.

Every time I think this deal can't get weirder, it somehow does. I am sorry but there are at least 2-3 things in this loan deal that do not make any sense.

 

[vex]

Just to be clear

No one worked under any restrictions because of Zhang's loans. They worked under restrictions because Inter spent more than it made, and Zhang's loans helped to alleviate the problem, not make it worse.
@vex


The oak tree loans impact the ownership of the club. The club itself has less than 1.5% of our annual costs impacted by oak tree loans. We've probably paid more in golden handshakes than interest on the oaktree loans.


(These are simple facts from our financial statements.)

But our owners really sat on their ass in terms of sponsorships. Remember all the chinese sponsors when suning first came, and then almost overnight they all left, leaving us with what we have today. Suning being one of the biggest retailers in China had to do much better. And yeah, yeah chinese government restrictions, covid, it wasn't their fault etc... I don't give a fuck about excuses tbh you are either capable to own a club on your own or you should fuck off and not need a vulture fund to hold you in their arms.

 

[Il Drago]

Every time I think this deal can't get weirder, it somehow does. I am sorry but there are at least 2-3 things in this loan deal that do not make any sense.

You need to take into consideration that at the time this deal was structured Suning were absolutely desperate. Club had over 200m losses, they hadn't paid wages in months and they couldn't get money out of China. They wanted to keep ahold of the club at all costs so they weren't really in a position to negotiate.

 

[Anne Marie]

Just a few questions: what did Elliot do after they got Milan? It seems to me that they helped restructure debt? Did they put any money into transfer?

 

[cloudq]

Just a few questions: what did Elliot do after they got Milan? It seems to me that they helped restructure debt? Did they put any money into transfer?

They lost Calha, Donnarumma and Kessie on free transfers because they wouldn't pay them, in order to get their books back into the black

 

[.h.]

But our owners really sat on their ass in terms of sponsorships. Remember all the chinese sponsors when suning first came, and then almost overnight they all left, leaving us with what we have today. Suning being one of the biggest retailers in China had to do much better. And yeah, yeah chinese government restrictions, covid, it wasn't their fault etc... I don't give a fuck about excuses tbh you are either capable to own a club on your own or you should fuck off and not need a vulture fund to hold you in their arms.

That's a different argument to the loans thing. The loans Zhang's have had to take make almost zero impact on Inter. Why do you care how something is financed? It's like getting pissed off that the company paying your wages is doing it by selling an asset, a trading profit, or by raising debt?

It might give you longer term concerns but in terms of your ability to spend the money right now it doesn't matter

 

[.h.]

Just a few questions: what did Elliot do after they got Milan? It seems to me that they helped restructure debt? Did they put any money into transfer?

Strict financial controls, invested a bit into the team and tried to focus on youth development

Also used a lot of loans to try to fill the team out?

 

[vex]

Why do you care how something is financed?

I mean, are you joking here. What do I care how we are financed? Because of the way we got our money in recent years we are going into the hands of a vulture fund, my man. Like wtf...

There is a bigger picture here and not just purely economic analysis of we had money for a club to operate on a certain level and that's good enough. No, it's not good enough when you have a hangman who gave you the money waiting for your ownership to fail, which was inevitable btw. Nobody plays games with these guys and comes on top...

 

[Campione]

Oaktree will come and nothing major will change, imo. Maybe one or two people from oaktree will enter the club board and that's it. They will not dismantle something that works fine, and they want to sell. We will be under their ownership for a few months, maybe even a year, before they decide to sell.

Doubt our mercato will be affected as well coz on that front we won all the trophies despite zhang not because of him. Yes, he brought and kept competent people, but those people had to work under severe restrictions because of his loans.

Imo that's why there isn't much excitement or worries, especially shorterm hence everybody from inter mngmt even in the last night celebrations looking pretty calm even in their statements. I think they know, despite the love they are showing to zhang, it's time to say goodbye.

Long term could be tricky, i m hoping for some sugar daddies or saudis, that's the easiest and maybe only way inter can be competent on the highest level from a country like italy and the league like seria a. The other way is for the future owners to find another miracle worker like marotta, but those people are rare as fuck.

First indication how things will be is Lautaro extension.

Last night he said that he expects to find an agrement for his contract by this week.

 

[crzdcolombian]

First indication how things will be is Lautaro extension.

Last night he said that he expects to find an agrement for his contract by this week.

I mean if shit was this bad they should have sold Cahla, Lautaro, Barella and Bastoni and put a wage cap.

Winning title < losing club almost for free for being fking idiots

If the $50m penalty for getting another loan is true then they deserve to lose the club for agreeing to that haha

 

[Linege]

with suning out and new owners we will be in deep shit for some time

thats how it is

we manage to build a good team because of stability with suning and marotta

and yes, we were a selling club but with some clear way, not a circus like juve, milan, roma or napoli

only atalanta in top8 can be compared to us

 

[Pimpin]

I mean if shit was this bad they should have sold Cahla, Lautaro, Barella and Bastoni and put a wage cap.

Winning title < losing club almost for free for being fking idiots

If the $50m penalty for getting another loan is true then they deserve to lose the club for agreeing to that haha

I would not put much weight on the 50m penalty, as there are other bits that do not make any sense either.

 

[.h.]

with suning out and new owners we will be in deep shit for some time

thats how it is

we manage to build a good team because of stability with suning and marotta

and yes, we were a selling club but with some clear way, not a circus like juve, milan, roma or napoli

only atalanta in top8 can be compared to us

I wouldn't be too defeatist yet - let's see what happens tonight and what happens with leadership. If most of our existing leadership structure stays in place, I feel reasonably confident ahead. The real question is who oaktree sells to.