May 22, (THEWILL) – US investment firm, Oaktree Capital Management, has taken ownership of the Italian football club, Inter Milan. This move comes after the club’s holding company missed a €395 million loan payment originally granted in 2021. The loan was secured by Inter Milan’s stake, giving Oaktree the right to assume control upon default.
Alejandro Cano, a representative of Oaktree, stated that their initial priority is establishing operational and financial stability for the historic club. Founded in 1908, Inter Milan has won 20 Serie A titles and currently, boasts top players like Lautaro Martinez and Nicolo Barella. Ironically, the off-field turmoil contrasts with their recent on-pitch success of clinching the 2023/2024 Serie A championship.
The previous owners, Chinese conglomerate, Suning, acquired a majority stake in 2016, but faced challenges from China’s curbs on overseas investments and the COVID-19 pandemic’s economic impact. Inter chairman, Steven Zhang, warned fans about risks to the club’s stability after failed negotiations with Oaktree. The club reported losses of €86 million and €807 million in debt for the 2022/2023 season.
Oaktree’s takeover mirrors their US counterpart, Elliott Management’s acquisition of city rivals, AC Milan in 2018, after missed payments by the previous Chinese owners. Elliott eventually sold AC Milan to RedBird Capital Partners in a €1.2 billion deal in 2022. As the new owners, Oaktree faces the task of restoring Inter’s financial health.
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Jude Obafemi is a versatile senior Correspondent at THEWILL Newspapers, excelling in sourcing, researching, and delivering sports news stories for both print and digital publications.
