July 19, 2022
The brief from today:
Inter’s president ordered to pay up
Inter Milan’s president, Steven Zhang, who is also part of the ownership family, has been held responsible for unpaid debts to creditors in China. While the Zhang family owns Inter through their business, Suning Holdings Group, this default case is tied to a separate business Steven Zhang owns individually: Great Matrix Limited. Creditors took the matter to court last August when Zhang failed to repay the €250 million bond he was issued in 2020. For his part, Zhang denies all the claims, even going as far as saying that the case brought forward by China Construction Bank Corporation Limited includes his forged signature, and he knows nothing about the refinancing agreement. In response, the judge presiding over the case, Honorable Anthony Chan, said: “There is no doubt that [Zhang] participated in the original financing of the project, for which he had given his personal guarantees. Viewed in this light Zhang’s attempt to distance himself from the refinancing has little merit.” This now permits the creditors to reclaim the debt, in addition to interest and other costs. In an effort to do so, they have also filed a civil suit in Milan requesting a salary waiver Zhang received for his Inter position, dating back to 2019, to be revoked. This would then allow them another avenue to recoup their funds. All of this takes place with the backdrop of Suning’s known financial issues running Inter. While they aren’t in a crisis, they needed a €275 million loan from Oaktree Capital last year to help offset club debt. They have also had to resort to selling key players recently like, Hakimi and Lukaku, in order to generate revenue. So while the two matters are officially isolated, Zhang, and the debt theme, intertwines them.
Zhang’s individual business interests are now costing him
Finals for AFCON set
The Women’s AFCON finalists are now set. South Africa were the first to book their place after a late penalty secured a 1-0 victory against Zambia. Speaking of late victories and penalties, the other semifinal between hosts, Morocco, and Nigeria went the full distance. Nigeria would finish the match with nine after two red cards in the the 49th and 71st minute, but they still took the lead in the 62nd minute, only for Morocco to equalize in the 66th. The hosts would miss a number of chances, and Nigeria hit the crossbar in extra time, but the parity remained, eventually forcing penalties to decide the semifinal. In the end, Morocco would defeat the 11-time winners after goalkeeper, Khadija Er-Rmichi, made the only save in the shootout against Nigeria’s Ifeoma Onumonu. The final between Morocco and South Africa is scheduled for July 23, and whichever team wins, it will be a first time achievement for either nation.
Jersey sponsorship bans
A Premier League shareholders meeting, scheduled for next week, is meant to set things in motion regarding the voluntary removal of betting companies as jersey sponsors. The UK government is already suspected to be drawing up a gambling reform in which they will potentially ban gambling companies from being sponsors on team apparel. In an effort to preempt any such law, the Premier League teams are trying to make the changes proactively. There are already seven teams in the league sponsored by betting companies, while newly promoted, Nottingham Forest and Fulham, who haven’t publicized their sponsors yet, could add to that tally. The meeting next week is meant to address the potential ban, which would then be voted on officially in September. For the changes to pass, it wouldn’t require all 20 clubs to be in favor, instead, 14 clubs would have to be in support for the reform to proceed. The main target of the vote and ban would be removal of the betting companies from the front of jerseys, but some clubs are rumored to be angling for sleeve sponsorship to remain. Such differences may yet cause complications with the vote, but there should be clarity come September.
West Ham’s jersey would be one of those potentially getting updated