Suning's Inter Milan days look numbered

The days of Suning Holdings at the helm of FC Internazionale Milano SpA look numbered as its deadline draws near to either repay debt to Oaktree Capital Management or risk ceding control.

Even as the storied football club celebrates its 20th Serie A title, its majority owner needs to pay close to EUR400 million (HK$3.39 billion) to the California-based asset management company by Monday.

The funds can be wired as late as Tuesday following the bank holiday on Monday in Luxembourg - where Suning's holding companies, which took out the debt, are based.

After the deadline, Oaktree will have the right to effectively take the collateral that was pledged to the financing in 2021, namely, a majority equity stake in the club.

Another potential alternative is a short-term extension of the loan at a higher interest rate, which would give Suning more time to sell the club and use the proceeds to repay California-based Oaktree.