Inter Milan acquired by US investment firm Oaktree as Chinese owners default on loan
Oaktree Capital Management, a US-based investment firm, has officially taken over ownership of Inter Milan, the reigning Serie A champion, following the failure of the Chinese owners to repay their loan obligations.
US investment firm Oaktree Capital Management has taken ownership of Inter Milan, the Serie A champion.
The club's Chinese owner, Suning, was unable to repay a €395 million ($428 million) loan that was used to support Inter during the Covid pandemic.
Oaktree expressed their commitment to the community and the historical legacy of Inter in a statement. They stated that they are dedicated to the long-term success of the Nerazzurri and believe that their goals for the Club align with the passionate fans in Italy and worldwide.
Oaktree, co-founded by Howard Marks, is a leading player in the industry with $192 billion in assets under management.
Suning acquired a controlling interest in Inter in 2016. Since then, the club has experienced steady success, clinching the Serie A and the Coppa Italia titles twice. Additionally, the team has secured three Italian Supercups and made it to the finals of the Champions League and Europa League.
"Former Inter president Steven Zhang stated on Saturday that we have been trying our best to resolve the pending Oaktree facility redemption date with our partner. We have explored various options for Oaktree to receive their full financial return."
"However, our progress has been hindered by legal threats and a lack of cooperation from Oaktree."
“Not only has this been deeply frustrating and disappointing, such behavior now poses potential risks to the Club that could seriously jeopardize its stability.”
Steven Zhang had been president of Inter Milan since 2018.
Steven Zhang had been president of Inter Milan since 2018.
Mattia Ozbot/Inter/Getty Images
After reaching out to Oaktree for a response to Zhang’s statement, the company directed CNN to their official press release.
In the press release, Oaktree’s Alejandro Cano emphasized, “As the new owners, we understand our duty to the Inter Milan community, as well as its rich history and legacy.”
Inter is one of Italy’s biggest and most successful clubs. Its recent Serie A triumph was the club’s 20th league title, the second most in history behind only Juventus.
Editor's P/S:
The takeover of Inter Milan by Oaktree Capital Management marks a significant shift in the club's ownership structure. Oaktree, a global investment firm with a strong track record in the sports industry, brings financial stability and a long-term commitment to the Nerazzurri. As Inter navigates the post-COVID landscape, Oaktree's resources and expertise will be crucial for the club's continued success on and off the field.
However, the circumstances surrounding the takeover have also raised concerns among fans and observers. Suning's inability to repay the €395 million loan highlights the financial challenges faced by football clubs in the wake of the pandemic. Additionally, Steven Zhang's allegations of legal threats and a lack of cooperation from Oaktree cast a shadow over the transition of ownership. It remains to be seen how these issues will be resolved and what the long-term implications will be for Inter Milan and its passionate supporters.
