U.S.-based investment fund Oaktree Capital Management became the new owner of Serie A champion Inter Milan on Wednesday after failing to receive a 395 million euro ($428 million) payment from the club’s Chinese holding company, Suning. It was revealed.
Oaktree has approved a loan to Suning in 2021, guaranteed by a stake in the club. Oaktree took charge after Suning failed to meet Tuesday’s debt repayment deadline.
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Under these plans, Oaktree had the potential right to take control of the club if loans and interest were defaulted.
It was unclear whether Oaktree would sell Inter, but managing director Alejandro Cano said it was looking at the long-term future, and a source told Reuters the fund had no immediate plans to sell the club.
Oaktree will be a “patient investor,” the source added.
“Our initial focus is operational and financial stability. We have great respect for Inter Milan’s management,” Cano said.
Inter become the seventh American-owned Serie A club. The others are AC Milan, Atalanta, Fiorentina, Roma, Genoa and newly promoted Parma.
Founded in 1908, Inter is one of the most famous clubs in Italian football, having won 20 league titles and is home to top players such as Lautaro Martinez and Nicolo Barella.
Suning bought a majority stake in the club in 2016 in one of the largest forays into European football by a Chinese company.
“As new owners, we recognize our responsibility to Inter Milan’s community, history and heritage,” Cano said in a statement. “We are committed to the long-term success of the Nerazzurri and believe that our ambitions for the club are aligned with those of our passionate fans in Italy and around the world.”
Hardcore Inter fans group Curva Nord praised Suning chairman Steven Zhang’s leadership in an Instagram message and thanked him for his contribution to Inter’s history.
This report used information from Associated Press and Reuters.
