Inter Milan have changed ownership as US investment fund Oaktree steps in after the club’s Chinese owners Suning failed to make a significant debt repayment.
The Serie A champions find themselves under new leadership as Oaktree officially takes over following the expiration of a substantial loan that Chinese conglomerate Suning could not repay.
Three years ago, Suning borrowed 275 million euros at an interest rate of over 12 percent to cover expenses for staff and players during the financial turmoil caused by the COVID-19 pandemic in Europe, using their controlling stake in the club as collateral.
The loan matured on May 21, 2024, with a total balance due of approximately 395 million euros ($428 million).
The Chinese conglomerate Suning, who took over Inter in 2016, now cedes control of the Italian club just days after Inter’s victorious Serie A season under coach Simone Inzaghi.
Oaktree declared that they had taken over Inter following the failure to repay a three-year loan to Inter Milan’s holding companies.
The US firm wasted no time in expressing their commitment to the club and the responsibility they feel towards the community and the rich history of Inter.
Oaktree managing director Alejandro Cano said in a statement: “As the new ownership group, we understand the great responsibility towards the community and the historical legacy of Inter.”
The focus of the new ownership group is on ensuring operational and financial stability for Inter Milan according to the statement released.
With a keen eye on working closely with the current management team, Oaktree claimed to provide strong leadership to guide the club into a new era.
Oaktree added: “Our initial focus is operational and financial stability. We have great respect for Inter Milan’s management team and look forward to working closely with them to provide strong leadership for the club.”
After being acquired by Suning in 2016, Inter transformed into a dominant force both domestically and internationally, clinching seven trophies which included two Serie A titles and reaching two European finals.
Meanwhile, the possibilities are endless for Inter Milan as they begin this exciting new era with Oaktree at the helm.
With the financial backing and strategic vision of their new owner Oaktree, which manages $192 billion in assets, the club are poised to reclaim thier place amongst the elite in European football.
What’s next for Inter Milan?
Simone Inzaghi’s team easily secured the championship this year, clinching the Scudetto with five matches still to play leading local rival AC Milan with 19 points.
Inter Milan’s fans can anticipate yet another exciting match as the team looks to increase their impressive 93-point tally.
After clinching the Serie A title, Inter Milan will take on Verona in a thrilling match at Marcantonio Bentegodi on Sunday, May 26, with kickoff scheduled for 7:45 pm.
