There are no miracles.
At 6 o'clock in the morning on May 22, Beijing time (0:00 local time on the 22nd), for Zhang Kangyang, chairman of Inter Milan Club, this is the node of the verdict. Zhang Kangyang was unable to raise a huge amount of 375 million euros, which means that Oaktree Capital officially took over Inter Milan and acquired 99.6% of the club's shares.
Seeing him raise the Zhu Tower, seeing him feasting guests, seeing his building collapse.
In the summer of 2016, Suning Sports invested 270 million euros to acquire 68.5% of Inter's shares and officially became the owner of Inter; In December 2018, Suning Shao advocated Kang Yang to become the chairman of Inter Milan Club and became the helm of this century-old giant.
From a competitive point of view, Suning's Inter Milan at the helm is very successful: in the past 8 years, Inter Milan has won 2 Serie A titles, 2 Italian Cup titles, 3 Italian Super Cup titles, and also reached the Champions League final and Europa League final. When Zhang Kangyang became the president of Inter, Inter Milan was only ranked 46th in UEFA points; This season, Inter Milan is ranked 7th in Europe in terms of European points.
However, the capital market is brutal. On May 20, 2021, Inter, which had difficulties in cash flow, borrowed 275 million euros from Oaktree Capital of the United States at an interest rate of 12%, which was repaid with interest after three years. If the debt is not repaid, 99.6% of Inter's shares (68.5% in Suning, 31.05% in Rheinland Capital) are owned by Oaktree Capital.
Time flies, 3 years have passed. Inter Chairman Zhang Kangyang tried to find a fund owner to achieve "loans to support loans", but the final outcome was failure - less than 375 million euros, the Inter club belonged to Oaktree Capital, and Suning was out.
Suning's 7 crowns in 8 years and Zhang Kangyang's domineering president ended up with a blood loss. Over the years, Suning's investment in Inter has all been wasted, we can calculate:
In 2016, the 99.6% stake was acquired for a total of approximately 400 million euros. In the first year of ownership, that is, in the 2016-17 season, Suning invested 56 million euros. In addition, Suning also invested sponsorship funds (training bases, training uniforms) for Inter in the form of sponsors, and from 2017 to 2020, the sponsorship investment was about 110 million euros.
game over！苏宁出局
In recent years, Inter Milan has renovated its training base, the dressing rooms of the Meazza Stadium, the players' apartments, and the new headquarters, all at Suning's expense.
After 2021, when Suning was unable to invest funds in Inter and its financial situation was in a desperate situation, Zhang Kangyang found Oaktree Capital to borrow 275 million euros, but he did not expect it to become the poison that buried Inter in the Suning era.
According to the statistics of the Italian financial website Calcio e Finanza, from 2016 to 2021, Suning's investment in Inter Milan and sponsorship was at least 650 million euros, and the data given by "Milan Sports Newspaper" was 712 million euros, all of which were invested in real funds.
We use the 700 million euro statement - 400 million euros to buy Inter, 56 million euros in the first year, 110 million euros in sponsorship from 2017 to 2020, as well as the cost of hardware renovation, renovation, and headquarters relocation.
700 million euros, equivalent to 5.5 billion yuan, Zhang Jindong's investment in Inter Milan is all in vain - the actual investment may be more.
Theoretically, Suning could get "compensation": Inter's market capitalization - 375 million euros (owed to Oaktree Capital) - 415 million euros (Inter debt) - other debts. "Compensation" is just wishful thinking, and in terms of capital operation, Suning and Oaktree Capital are not on the same level.