Sports

Serie A Champions Under Threat Over Debt

Published

7 months ago

May 22, 2024

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.

Sports

Nigeria To Host 2026 Golf AACT

Published

2 days ago

December 13, 2024

The Tide

Nigeria has won the bid to host the next edition of the prestigious All Africa Challenge Trophy in 2026.
The AACT is a biennial continental ladies’ golf championship in Africa that had its inaugural edition in May 1992 in Zimbabwe.
Nigeria hosted the AACT in 1996 at the Ikoyi Club 1938, while in 2010, the AACT was played at the IBB International Golf and Country Club, in Abuja.
This would be the third time Nigeria will be hosting the championship.
Interestingly, the West and Central Africa Challenge Trophy (a regional version of the championship) was held for the first time in Nigeria at the Lakowe Lakes Golf Estates and Resort, Lagos, in 2023.
Evelyn Oyome, the President of the Ladies Golf Association of Nigeria, who was the leader of the Nigerian delegation to the championship’s 16th edition in Morocco, said Nigeria emerged winner amongst the 20 countries that took part in the bidding process.
“Nigeria had earlier hosted the West, Central Africa Challenge Trophy in October last year at the Lakowe Lakes Golf Estate and Resort in Lagos, showcasing its outstanding golfing facilities, with no fewer than 10 countries participating.
“So, hosting that championship successfully last year gave us the edge amongst so many other countries that also bidded and winning was a huge victory for Nigeria,” she said.
Oyome revealed that the Federal Capital Territory would be the host city for the AACT 2026 edition, with no fewer than 30 countries expected to participate in the championship.

Sports

Musa, Shehu Ineligible For CHAN – Ilechukwu

Published

2 days ago

December 13, 2024

The Tide

Super Eagles B co-handler Fidelis Ilechukwu has revealed that Kano Pillars duo Ahmed Musa and Shehu Abdullahi were initially listed in the 30-man squad for the 2024 CHAN qualifiers double header clash against Ghana, but were dropped over their ineligibility.
Musa and Shehu, who made sensational returns to Kano Pillars this season, were conspicuously missing when the Nigeria Football Federation revealed the names of 30 Nigeria Premier Football League stars for the assignment.
The CHAN Eagles are currently camping in Ikenne, Ogun State. They will play the first leg of their encounter in Accra on Sunday, December 22 before returning to Uyo for the return leg on Saturday, December 28.
“I was told he (Musa) didn’t meet up with the conditions of playing in the CHAN tournament or qualifiers,” Ilechukwu told our correspondent.
“Ahmed Musa was on our list, there is no way we wouldn’t have included him in the list with his performances in the league but they told us to replace him due to eligibility.
When asked if the same applied to Shehu, the coach replied in the affirmative.
According to CAF regulations, only footballers playing in their country of birth are eligible.
While the above rule favours both Musa and Shehu, their participation was perhaps made difficult by another CAF regulation which says, “Only players with a permanent contract registered in a local club affiliated to their national association are eligible to participate in the African Nations Championship” – as both players are in the NPFL under the Elite Player Scheme.
According to section 9.91 of the NPFL Framework and Rules, “There shall be an Elite Player Scheme wherein each Club shall be allowed to register a maximum of two players who in the opinion of the NPFL will add value to the league.”

Sports

Nigeria Women Football League Set For Annual General Assembly

Published

2 days ago

December 13, 2024

The Tide

The Federal Capital Territory is set to host the 2024 Annual General Assembly (AGA) of the Nigeria Women Football League (NWFL) on Tuesday, December 17, 2024.
In a statement released yesterday, the Chief Operating Officer, Modupe Shabi, confirmed that all arrangements have been finalised for the AGA, which will take place at Fabino by Toprank Hotels, Abuja.
The AGA meeting promises to be a significant gathering in charting a way forward for the women’s football rising agenda and the women’s football leagues in Nigeria.
Key stakeholders, including board members and representatives of Premiership and Championship clubs, will review the successes and challenges of the outgone 2023/2024 season.
Notably, Edo Queens emerged champions of the NWFL Premiership for the first time, while Honey Badgers and Ibom Angels secured promotion to the Premiership from the NWFL Championship.
The AGM will also focus on sustaining the league’s growing credibility and improving operations while setting the calendar and start date for the 2024/2025 NWFL Premiership and Championship campaigns.
This pivotal meeting aims to further strengthen women’s football in Nigeria and lay the groundwork for the league’s continued growth.