Oaktree Capital Management, an American investment fund, has officially taken over ownership of Serie A champion Inter Milan following Suning's failure to repay a significant debt. This transfer of ownership marks the conclusion of Suning and Steven Zhang's eight-year tenure at the helm of the club.
Suning's inability to meet the repayment deadline of a loan totaling nearly 400 million euros ($434 million) led to Oaktree assuming control. The loan, along with accrued interest, was initially secured three years ago, a period during which Inter faced substantial financial challenges exacerbated by the COVID-19 pandemic.
In a statement provided to The Associated Press and other media outlets, Oaktree confirmed the acquisition, stating, "As of May 22, 2024, funds managed by Oaktree Capital Management, LP are the owners of Inter." The expiration of the loan agreement on May 22, 2024, with an outstanding balance of approximately 395 million euros, facilitated Oaktree's assumption of ownership.
Inter's transition to American ownership aligns with a broader trend in Serie A, with several clubs already under American control, including AC Milan, Atalanta, Fiorentina, Roma, Genoa, and Parma. Additionally, Serie B side Venezia, also owned by Americans, is poised for promotion.
While speculation surrounded Oaktree's intentions regarding Inter, managing director Alejandro Cano emphasized a commitment to the club's long-term prosperity. Cano stated, "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."
The change in ownership follows a similar pattern observed in 2018 when American fund Elliott Management assumed ownership of AC Milan after the previous owner, Li Yonghong, failed to meet loan repayment deadlines.
Inter's journey under Suning's ownership began in 2016, concluding a tenure by an Indonesian-led consortium. Suning's stewardship saw Inter reclaim Serie A glory after more than a decade, culminating in the club's 20th league title, celebrated just days before the ownership transition.
Cano underscored the significance of Inter's recent achievements, including winning its 20th Serie A title and reaching the Champions League final, expressing a commitment to sustaining the club's momentum for future success.
With Oaktree now at the helm, Inter Milan enters a new chapter, with emphasis placed on stability and sustained growth as the club navigates the evolving landscape of Italian football.
