(Bloomberg) -- Inter Milan’s owner says its creditor Oaktree Capital Management has lacked “meaningful engagement” to find a solution for the Italian football club’s looming debt obligations.

Inter Chairman Steven Zhang criticized the actions of its top creditor in a statement posted Saturday on the team’s website, saying it “poses potential risks to the club that could seriously jeopardize its stability.”

Still, he said he’s “committed to working towards a peaceful resolution” with the US asset manager. Oaktree declined to comment. 

Suning’s ownership of Inter, which just won the Italian Serie A title, is at risk if a deal isn’t reached before the end of Monday, when Oaktree’s debt is maturing. 

Read more: Talks Among Inter Owner, Pimco at Risk

Oaktree loaned €275 million ($300 million) to the Chinese conglomerate Suning Holding Group Co. in 2021 to support Inter Milan’s finances throughout the pandemic. As interest has accrued, the California-based fund is now owed close to €400 million. Its debt is secured by Suning’s majority stake in Inter Milan. 

Suning has been in talks with Pacific Investment Management, or Pimco, for weeks over new money to refinance Oaktree, and while the two parties have been in advanced discussions, a deal hasn’t been reached as it became increasingly challenging to implement it ahead of the Oaktree debt maturity, people familiar with the matter said earlier this month.

Inter Milan is one of Italy’s most-storied football clubs. Founded in 1908, it won Italy’s top league this season and was runner-up in the UEFA Champions League — Europe’s most important club trophy — last year.   

(Updates with Oaktree declining to comment in third paragraph.)

©2024 Bloomberg L.P.