Inter Milan has been taken over by the US fund Oaktree after the Serie A champions’ outgoing owners, Suning, missed a deadline to repay a debt worth hundreds of millions of euros.
In a statement on Wednesday, May 22, Oaktree announced they had “assumed control” of Inter after the non-repayment of a “three-year loan to Inter Milan’s holding companies that matured on 21 May 2024 with a total balance due of approximately 395 million euros – which is about $428 million.
The Chinese conglomerate Suning relinquished control of Inter to Oaktree three days after the team was officially crowned Italian champions for the 20th time.
Suning had borrowed 275 million euros at over 12 percent interest three years ago to pay staff and players as the Covid-19 pandemic ravaged the finances of clubs across Europe, putting up their controlling stake in the club as collateral.
“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,”
Under Suning’s ownership, Inter became a powerful force both domestically and internationally, winning seven trophies, including two Serie A titles and reaching two European finals.
Oaktree, which manages $192 billion in assets, stated they are “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.”
Inter’s transition to Oaktree mirrors the way another US fund, Elliott Management, took control of their local rivals AC Milan in 2018.
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