MORATTI WILL NO LONGER BE PRESIDENT
The admission confirms the breakthrough in Paris: 70% of Inter will go to Thohir and his partners. A great history culminated with the treble in 2010 ends here.
Signature is on Monday. The family will have 3 seats on the board of directors and the right to veto…
THOINTER IS DONE
Agreement in Paris, signature on Monday. Moratti: “I will no longer be president.”
The family will have three seats in the board of directors and the right to veto the most expensive operations.
The tycoon brings the third partner: Soetedjo with Roeslani.
Milan – Seven words follow 18 painful, intense, glorious years, especially expensive 18 years as Inter president: “Will I remain as president? I don’t know, I don’t think so.” “Moratti as president, now and forever” (“Ora e sempre Moratti presidente”) has been recurring over the years as one of the chants sung by the Curva Nord at the Giuseppe Meazza. In Milan yesterday afternoon, forests of microphones and cameras were found under the house of Massimo Moratti. They wanted the truth from him in the light of the breakthrough in negotiations on Wednesday in Paris with Erick Thohir. The oil tycoon responded as so twice: “Will I remain as president? I don’t know. I don’t think so.” The second time he said it with a smile but at the same time certified the truth that begun in July which was that by the end of October, he will sell 70% of Inter to the team of Erick Thohir for 250 million euros. And now on the horizon is a partnership because for a while now, Moratti has been the person to make decisions personally.
Three in boards of directors A decision made primarily in the interest of Inter but he definitely suffers inside. “Staying at Inter? My family would be for sure,” Moratti stressed again yesterday with the decision. Here is the other side of the coin: the Moratti, albeit with a minority of the shares, will remain at the center in this new Inter as it was decided in Paris that they will occupy three seats in the board of directors. The Moratti family will have the veto power for three years on the most expensive operations (transfers?). Voices suggest that after three years, they will sell the remaining shares to Erick Thohir but no confirmation of this. Selling or not will depend on the will of the remaining Moratti members. What happened in Paris has not certified any obligation or commitment in this regard.
Third Indonesian The rest is all settled. Lacking only signatures from them, Thohir and his partners for the Indonesian group to have necessary power. In the last meeting, we have officially learned that other than Erick Thohir and Rosan Roeslani, who is the most trusted partner that Thohir has, there will be a third ally that is going to be part of this organization to buy a majority stake. Moratti met him a few days ago and it is Handy Soetedjo, Indonesian, a former partner of the tycoon when both were in the process of buying a minority stake of the Philadelphia 76ers (NBA basketball). And the news doesn’t end here: the Moratti family will retain three future members of the board of directors which will go from 14 currently (six of which are from the Moratti family) to 7 seats. The original hypothesis was two Moratti members in a five-seat boards of directors.
Breakthrough Wednesday The agreement, now only needs to be officially announced, was reached on Wednesday night in Paris and in the office of Lazard, the investment bank which has served as advisor to Moratti who stayed in a home in Ile Saint-Louis until 12:40 to have lunch with his son and a little shopping trip while Thohir and his associates left very early. At about 15, with his wife Milly, he headed to the airport and the private plane landed in Linate at about 17:20. A little later, he had the following words to say at his home: “No, no agreement has yet been reached. We must understand how to move forward. This is important as minor thing can blow up the whole deal. The meeting was needed to know each other better and to learn about other people who might be with Thohir in the eventual agreement. We needed this to decide something more. There are no major problems to solve. I love the character of those that I met and this aspect is very important for me. Now, since there are players that cost 100 million, we must understand the need to restructure the club to deal with this type of situation because Inter cannot stay at a different level from that.”
Thohir in October But what will be the face of this new Inter? With AngeloMario intended to keep a seat in board of directors as well as the vice presidency, the president might go to Thohir but it is not obvious. The Indonesian usually denies this position in sport clubs where he became a shareholder and therefore the number one could become his right hand man, his own man of trust, one that guarantees a presence on the territory. Thohir will remain in Indonesia and unless there are surprises, he will NOT return to Europe for the signatures which could come as early as Monday (or at most Tuesday). Furthermore, it is not ruled out that another boards of directors meeting could take place very soon as explained by Moratti that “the agreement could come in a month, if everything goes smoothly.” A few more things still need to be sorted out such as the closing which will provide the actual transfer of shares, with capital increase approved by the shareholders.