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Serie A Champions Under Threat Over Debt

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Inter Milan could change hands days after being crowned Italian champions as yesterday’s deadline for a near 400 million-euro debt repayment reared into view.
Simone Inzaghi’s Inter team held aloft the Serie A trophy after Sunday’s meaningless 1-1 draw with Lazio having already secured the league title with five matches to spare last month.
But a planned weekend of celebrations was overshadowed by the prospect of one of Europe’s biggest clubs being taken over by US investment fund Oaktree, who are waiting on 395 million euros ($429 million) from Inter’s Chinese owners Suning.
Suning borrowed 275 million euros at over 12 percent interest three years ago to pay staff and players as the Covid-19 pandemic ravaged the finances of clubs across Europe.
Inter were put up as collateral against that debt and Oaktree could decide to claim control of the club when the debt matures, with a source familiar with the matter telling our source that Oaktree had not yet received a single euro.
Inter posted losses of 85 million euros in the 2022/23 season, following even heavier losses of 140 million euros and 245.6 million euros in the previous two seasons as stadiums were partially or fully closed due to the pandemic.
Last Saturday, Inter president Steven Zhang, the son of Suning founder Zhang Jindong, had claimed that Oaktree, who manage $192 billion in assets, were jeopardising the club’s financial stability with unspecified legal threats.
Zhang, who has not been to Italy over a year and lost a court case with China Construction Bank over personal debts of 320 million euros, claimed that Oaktree had been actively obstructing negotiations for full repayment.
He had been widely reported as negotiating a further 430 million euro loan with another US fund, Pimco, to pay off Oaktree.
But the source disclosed that no documents had been exchanged that suggest Suning had found either a credible buyer for Inter or a refinancing partner.
As a result, Inter are increasingly likely to end up in the hands of Oaktree in manner similar to the way another US fund, Elliott Management, took control of their local rivals AC Milan in 2018.
Elliott became Milan’s owners when Chinese businessman Li Yonghong was unable to repay a loan he had taken out when he bought the club from the late Silvio Berlusconi’s Fininvest the previous year.
An announcement was not expected on yesterday, but if repayment is not made and Oaktree decide to take control of Inter, the source said, the takeover process will not be lengthy.

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Okowa Lauds Athletes Ahead Olympics Trials

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President, Athletics Federation of Nigeria, Tonobok Okowa, has once again mandated all athletes looking to represent the country at the Paris 2024 Olympic Games to attend the Nigerian Trials, which hold from June 16 to 18 inside the main bowl of Samuel Ogbemudia Stadium, Benin-City.
Making his stance clear in Monday’s release by the athletics body, Okowa commended the athletes for their determination to qualify for the Olympics.
He said, “The athletes have shown commitment, determination, and desire to succeed in their careers by picking Olympic qualifications. They deserve our collective appreciation.”
He added, “The athletes would be picked in accordance with their performances at the trials because it would largely determine who goes to Paris for the Olympics.”
Meanwhile, the Chairman, Edo State Sports Commission, Yusuf Alli, says the state is waiting to welcome athletes for the trials.
He said, “We are the hosts of the national trials, and athletes and spectators are welcome.”
The trials are expected to throw up the best of Nigeria’s athletes based at home and abroad for the Olympic Games in Paris in July.

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Emerging Star Eyes Olympics Place For Nigeria

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Nigerian track and field star, Favour Ofili, has set her sights on the upcoming national Olympics trials after she pulled off a stunning victory in the women’s 100m at the New York Grand Prix, defeating a stellar field that included Olympic champion Elaine Thompson-Herah of Jamaica last Sunday.
The 21-year-old clocked a season-best 11.18secs to take the win, America’s Morolake Akinosun was second in 11.20secs while her compatriot Aleia Hobbs ended in third place in 11.21secs.Thompson-Herah, the Tokyo Olympics 100m and 200m gold medalist, could only manage ninth place in 11.48secs as she continues to search for her best form this season.
“Just like practice, stay calm and just go, finish your transition because that’s the issue, and whatever happens will happen. I wanted to get the standard here and I give God glory for the win,” Ofili told Tidesports source after the race.
“For the trials, stay calm and just do what I know how to do, go back and do some training before I go back home for the national trials.”
The Olympic trials are scheduled to hold in Benin City, Edo State from June 16 to 18. The trials will serve as the selection of the nation’s athletes for both the Senior Africa Athletics Championships, holding between June 21 and 28 in Douala, Cameroon and the Paris 2024 Olympics, which hold from July 26 to August 11.

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Olympic Day Celebrations Hold June 29

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The Nigeria Olympic Committee (NOC), at the weekend, said the annual Olympic Day celebrations would be held on June 29 across the country.
The Olympic Day is a global event that commemorates the birth of the modern Olympic Movement, founded by Pierre de Coubertin in 1894.
Speaking with news men, the Secretary-General of the NOC, Babatunde Popoola, said this year’s celebration holds special significance as it precedes the highly anticipated Paris 2024 Olympic Games.
It’s where Nigerian athletes will compete and inspire the world with their achievements.
“Olympic Day is a chance for people of all ages and abilities to experience the magic of the Olympic Games in their own communities.
“It is an ideal platform to highlight the benefits of physical activity and the Olympic values of excellence, friendship, and respect,” Popoola said.
Popoola said that NOC had received positive responses from various states and stakeholders, and preparations were well underway for the nationwide celebration.
He added that no fewer than 21 states and the Federal Capital Territory have indicated their plans to organise activities for the event.
The states are: Abia; Anambra; Bayelsa; Delta; Edo; Enugu; Ebonyi; Lagos; Kogi; Gombe; Jigawa; Kebbi; Kano; Kwara; Taraba; Imo; Ondo; Plateau; Rivers; Nasarawa and Osun
Also speaking, the Chairman of the NOC Sport For All Commission, Abdul Ibrahim, said that Olympic Day was a special day to come together, move together, and learn about the Olympic values.
“We encourage everyone to participate and experience the joy that only sport can bring,” he said.
According to him, a series of activities have been lined up in Lagos, with fitness clubs at the National Stadium Complex and the general public gearing up to take part in the global event.
“The celebration will conclude with the presentation of diplomas signed by the President of the International Olympic Committee (IOC), Thomas Bach.
The President of the Nigeria Olympic Committee, Engr. Habu Ahmed Gumel and other dignitaries will officially flag off the event in Abuja,” he added.

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