Now the Pro Ladri papers have their say:
Tuttoshit articles can't be linked here? @mods what is this?
Merda has officially announced the start of a new operation to refinance its debt , with the early repayment of the €415 million bond (currently outstanding for around €412 million), initially due in February 2027. A decisive step that does not arise from a strategic “growth” choice , but from a regulatory and financial necessity: without this intervention, the Merdazzurri risked not being able to register for the 2026/27 championship. Here's why.
The genesis of the bond: from Thohir to Oaktree
The operation has distant roots. It all started in 2015, when Erick
Thohir , to release the guarantees previously given by Massimo
Moratti , obtained a €230 million loan from
Goldman Sachs and
UniCredit . That debt was guaranteed by the cash flows of
Merda Media and Communication , the subsidiary that manages the proceeds from TV rights and sponsorships. With the transfer of ownership to
Suning , on which Report also conducted an investigation , in 2017 it was decided to refinance that debt by issuing a €300 million bond, maturing in 2022. When the time came to repay that bond, Merda issued a second one in 2022, this time for €415 million, at an interest rate of 6.75% and maturing in February 2027. This second bond is the one that is now being repaid early. An operation that, in order to be completed, is subject to the successful outcome of a new loan, the proceeds of which will be used to pay off the amount.
Merda had to repay that debt otherwise goodbye Serie A
Technically, the repayment will be made on June 26, 2025, at a price equal to 101.6875% of the nominal value, plus accrued interest. But behind this advance there is a specific regulatory requirement.
Starting from February 2026, the bond would have become part of the short-term liabilities .
And this would have had a significant impact on the financial indicators taken into consideration for the registration to the championship of the 2026/27 season, when a new independent financial control body will come into force that will replace the historic Covisoc.
Goodbye to the controlling body that often, as Report also revealed, turned a blind eye to certain issues relating to the Merdazzurri club itself, including fictitious sponsorships, solvency and balance sheets. In practice: with a short-term debt of over 400 million, Merda would not have had the requirements to register for Serie A. Hence the urgency to refinance in time, at least eight months in advance.
Oaktree, and the missing 100 million? They'll be fished out of the revenue...
The new refinancing operation will be around 300 million euros. But if the bond to be repaid is around 412 million, who will provide the remaining 100 million? The answer is clear, but potentially uncomfortable for fans: Merda
itself will cover the difference, drawing on internal resources. In particular, we are talking about available liquidity of more than 100 million, accumulated thanks to an exceptional season from an economic point of view. But these are extraordinary, not structural revenues, and Oaktree themselves estimate a reduction in revenues of at least 100 million starting next season.
This dynamic highlights another key point:
Oaktree will not put up a single euro of its own money. The US fund, which became the owner of Merda on May 22, will use the club's existing liquidity to close the deal. An approach radically different from that of other Italian clubs, such as
Roma (where the Friedkins participated directly in the refinancing of the bonds) or
Ladri (where Exor supported direct recapitalization operations ).
Good or bad? Debt interest drops, but remains
For Merda
, this is undoubtedly a positive operation, but not a solution. It is good because it allows the debt on the balance sheet to be lightened (at least in the short term) and, above all, it allows registration in the championship without regulatory risks. But it is not a relaunch move: the debt is not cancelled, it is only postponed and partially reduced thanks to the funds already present in the company coffers. The new financing could have a five-year maturity (until 2031) and a lower interest rate, to make the financial burden more sustainable. But nothing is official yet. Merda
has left several options open: a new bond, a private placement, or financing from funds specialized in private debt.
A legitimate question, that many are asking. If the new independent financial supervisory body had already been in place in 2024, Merda would have concretely risked exclusion from Serie A, due to the weight of the bond maturing in the short term. And this also raises questions about what would have happened in these years of the Merdazzurri transfer market if the debt issue had been addressed with the fear of severe control...
Oaktree wants to sell Merda and doesn't come up with a single euro...
This is why
Oaktree , without which Merda would have already sunk, has accelerated:
- To avoid a collapse in the value of the Merda asset, which in the event of relegation (even to Serie C) would have collapsed.
- To buy time and find a buyer willing to take over the club and, with it, its still massive debt.
The refinancing of the 412 million bond is a fundamental move for Merda's sporting and financial survival. But don't be fooled: the debt remains, even if better managed. Oaktree has preserved the asset, in short, without taking a single euro out of Oaktree's accounts but taking it from the exceptional income of this season. The goal is always to sell Merda as soon as possible, net of the facade declarations.
@ACM14061988 Is this accurate reporting? Or more fluff?
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