US investment fund Oaktree has taken control of Inter Milan after the club’s previous owners, Suning, failed to repay a substantial debt.
Oaktree’s acquisition comes in the wake of Suning’s default on a three-year loan that was due on May 21, 2024, amounting to approximately 395 million euros ($428 million).
The Chinese conglomerate had initially borrowed 275 million euros with over 12% interest three years prior, using their majority stake in Inter as collateral.
This was intended to cover payments to staff and players during the financial strains caused by the Covid-19 pandemic.
Suning relinquished their ownership just three days after Inter celebrated their 20th Serie A title.
Since acquiring Inter in 2016, Suning has elevated the club to significant success, securing seven trophies, including two Serie A championships and reaching two European finals.
Under the leadership of Simone Inzaghi, Inter clinched this season’s title by defeating local rivals AC Milan in a crucial derby, securing the championship with five games to spare.
Oaktree, managing assets worth $192 billion, has pledged to focus on the operational and financial stability of the club, working closely with Inter’s current management, partners, and football governing bodies to position the club for continued success both on and off the field.
This takeover mirrors a similar situation in 2018 when US fund Elliott Management assumed control of AC Milan after Chinese businessman Li Yonghong defaulted on a loan he had taken to buy the club.
