Oaktree takes ownership of Inter Milan amid missed payment debacle of €395 million

Oaktree Capital Management, a US investment fund, has taken over ownership of Serie A champions Inter Milan after the club's Chinese owner, Suning, missed a €395 million payment.

Chirag

May 22, 2024

Oaktree Takes Over Inter Milan Due To Missed Payments — Mattia Pistoia - Inter/Inter via Getty Images

Oaktree Capital Management, a US-based investment fund, announced on Wednesday that it has assumed ownership of Serie A champions Inter Milan following the failure of the club’s Chinese holding company, Suning, to make a €395 million ($428 million) payment.

The loan provided by Oaktree to Suning in 2021 was secured by their stake in the club. With Suning’s inability to meet the repayment deadline on Tuesday, Oaktree took control of the club as stipulated in the loan agreement.

As part of the arrangement, Oaktree had the option to take over the club in case of a default on the loan and associated interest.

There was uncertainty regarding Oaktree’s intentions regarding Inter Milan, but managing director Alejandro Cano stated that the focus is on the club’s long-term prospects. A source informed Reuters that the fund does not have immediate plans to sell the club and intends to be a patient investor.

Cano emphasized the priority of ensuring operational and financial stability for Inter Milan, expressing admiration for the club’s management team.

With this acquisition, Inter Milan joins a list of Serie A clubs under American ownership, including AC Milan, Atalanta, Fiorentina, Roma, Genoa, and newly promoted Parma.

Established in 1908, Inter Milan holds a prominent position in Italian football history, boasting 20 league titles and hosting renowned players like Lautaro Martínez and Nicolò Barella.

Suning acquired a majority stake in Inter Milan in 2016, marking a significant move by a Chinese entity into European football.

Cano underscored the new ownership’s commitment to the club’s community, history, and legacy, expressing dedication to Inter Milan’s long-term prosperity and alignment with the aspirations of its passionate global fanbase.