Stop loss: so they call those of finance. Stop loss, in literal translation: when you realize that the investment you’ve done is taking a wrong direction, you decide to leave the scene while minimizing the loss. Stop loss, a few words that blending in the head of Erick Thohir, who has given a broad mandate to Goldman Sachs: find partners, sell a minority stake or possibly Inter’s control.
PLAN A AND B – The Inter is in desperate need of money. The first option Thohir is to be flanked by a minority shareholder: the second is the sale of the majority stake. Just this week, in financial circles, the rumor of a possible involvement of ChemChina, the Chinese giant 40-billion shareholder of Pirelli sales, the shirt sponsor who has just renewed with the Nerazzurri. Goldman Sachs, incidentally, was advisor to Pirelli in negotiations with ChemChina. The Journal has posed a series of questions to Inter, that has not responded officially. However, an internal source denies knowledge of the dossier and that the mandate to Goldman Sachs is to sell and confirms the words spoken a few days ago by Thohir ( “I’m looking for a business partner in an area where there are 180 million Nerazzurri fans”) . Place that is so, it would be strange to rely on an investment bank and not to sports marketing agency … Notice to mariners: in an embryonic stage so any item on sale find immediate denial from Thohir, because any deal would require months and months of gestation.
Erick Thohir, 45 years. Getty
REFLECTION – The Nerazzurri investment cost to the majority shareholder 75 million capital increase to acquire 70% of shares and 108 million of interest-bearing loans (104 the principal amount) at 30 June 2015. With a big difference: 75 million ended up in the capital account and, therefore, already hazy; 108 have a debt that, as such, Inter should return (31 million with repayment at year end, which may be extended until 2020, 77 million within 4 years). Just these 108 million represent a key element in Thohir reasoning. Any buyer, during negotiations, would it ask him to drop the loan bestowed and should not be considered in enterprise value, that is, business valuation, the sum of equity (the value of the shares) and debt, which could amount to 300 million, according some estimates. Sooner or later Thohir will be forced to convert, in whole or in part, the 108 million in surrendering the capital forever. Also for another reason, more banal: Mass as it is, Inter is not in a position to repay the loan, even in desperate need of additional liquidity.
UEFA – Inter will have to close this season with a maximum deficit of 30 million: the consolidated budget estimates are of a red top 50 million, which for the purposes Uefa is reduced by several million (due to the deduction of expenses virtuous). If Inter sforerà -30 million will have to pay a fine of “frozen” of 14 million. But if it goes beyond the -40 million, then the entire agreement with UEFA will be undermined and sanctions may be heavier. And next year, with the trap of the market “pay” and the risk of an absence from the Champions League, a balanced budget requested from Nyon will be a chimera. Unless rich gains.
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