Official: Oaktree takes control of Inter | OneFootball

Oaktree has confirmed the acquisition of Inter from Steven Zhang’s Suning with an official statement.

American firm Oaktree has confirmed to have assumed ownership of Serie A champions Inter after President Steven Zhang failed to repay a debt of nearly €400m.

Oaktree takes control of Inter – the official statement

“As of May 22, funds managed by Oaktree Capital Management, L.P. (“Oaktree”) have assumed ownership of FC Internazionale Milano. This follows the non-repayment of Oaktree’s three-year loan to Inter Milan’s holding companies that matured on 21 May 2024 with a total balance due of approximately €395m,” Oaktree’s statement reads.

“In May 2021, with Inter Milan forecasting record financial losses during the 20/21 season, Oaktree provided its holding companies with rescue capital to stabilize the Club’s financial situation and enable it to continue operating, including to pay its players and employees.

“In the three years since Oaktree’s rescue financing, Inter has lifted its eighth and ninth Coppa Italia, secured its sixth, seventh, and eighth Supercoppa, earned its 20th Scudetto title and historic second star, and reached the UEFA Champions League final for the first time since 2010.

“Oaktree is dedicated to achieving the best outcome for the long-term prosperity of Inter Milan, with an initial focus on operational and financial stability for the Club and its stakeholders. Oaktree values the legacy of the Club, the passion of the players, the loyalty of the Interisti, and the Club’s significant role in Milan, Italy and the global sporting community.

“Oaktree is committed to working closely with Inter Milan’s current management team, partners, the league and governing bodies to ensure the Club is positioned for success on and off the pitch; focusing on robust management, operations and governance with a vision for sustainable growth and success.”

Zhang’s Suning took control of Inter in June 2016, and the Chinese group has won seven titles at the Stadio Meazza during its reign, including two Serie A titles.

Zhang became the first foreign President to win a Serie A title in 2020-21 and this season, the Nerazzurri made history again by winning the 20th Scudetto in their history.

Oaktree’s official statement confirms that the current directors will remain in charge, so Beppe Marotta, Alessandro Antonello, Dario Baccin, and Piero Ausilio will remain operative.

However, Inter’s board of directors will resign and a new president will be appointed. A report from Tuttosport on Wednesday claimed club President Javier Zanetti could be named for the role by Oaktree even if a final decision hasn’t yet been taken.

Oaktree acquisition also means the next derby della Madonnina will be the first American derby di Milano, between the Rossoneri, owned by Gerry Cardinale’s RedBird and new Inter owners Oaktree.