Oaktree Capital takes over Inter Milan for failing to repay $428m loan | OneFootball

Oaktree Capital Management announced on Wednesday that it has acquired reigning Serie A champions Inter Milan.

The United States-based investment firm took over the club after Chinese owners Suning defaulted on a $428 million loan.

Oaktree gave Inter the loan in 2021, securing Suning’s stake in the club through a Luxembourg-based entity.

It needed to be repaid in full, plus 12% interest on May 21. This agreement allowed Oaktree to take control of the club if the loan wasn’t repaid.

“As the new owners, we understand the great responsibility we have towards the Inter Milan community and its rich history,” said Alejandro Cano, Managing Director at Oaktree (via Reuters).

“Our initial focus will be on ensuring the club’s operational and financial stability. We have great respect for Inter’s management team and look forward to working with them.”

This acquisition marks a significant shift in ownership for the Italian giants. Inter, founded in 1908, is one of the most decorated clubs in the country, boasting 20 Serie A and three Champions League titles.

Suning’s purchase of a majority stake in 2016 was a major investment for a Chinese company in European football.

However, financial difficulties have been rife since they arrived in Italy, leading to this change in ownership.

With Oaktree at the helm, Inter joins a growing list of Serie A clubs under American ownership, including AC Milan, Atalanta, Fiorentina, Roma, Genoa and Parma.