Oaktree, an American investment fund, has officially taken ownership of Serie A champions Inter Milan, marking the conclusion of Suning and Steven Zhang’s eight-year tenure.
The transition of ownership occurred after Suning failed to meet the repayment deadline for a debt totaling nearly 400 million euros ($434 million) on Tuesday.
The debt originated from a loan, including accrued interest, acquired three years ago, a period coinciding with Inter’s prior league victory and anticipation of financial strain due to the COVID-19 pandemic.
Oaktree Capital Management, LP, stated, “As of May 22, 2024, funds managed by Oaktree Capital Management, LP are the owners of Inter. This follows the failure to repay the three-year loan granted by Oaktree to Inter’s holding company, having expired May 22, 2024 with an overall balance of approximately 395 million euros.”
The change in ownership transpired shortly after Inter celebrated their 20th league title, emphasizing the significance of the occasion.
Inter now joins a cadre of Serie A clubs under American ownership, including AC Milan, Atalanta, Fiorentina, Roma, Genoa, and recently promoted Parma. Additionally, Serie B club Venezia, also under American ownership, is contending for promotion.
While there were uncertainties regarding Oaktree’s intentions for Inter, managing director Alejandro Cano expressed a commitment to the club’s long-term future, emphasizing operational and financial stability.
Cano stated, “As new owners, we recognize our responsibility to Inter Milan’s community, history, and legacy. We are committed to the long-term success of the Nerazzurri and believe our ambitions for the club are united with those of its passionate fans in Italy and around the world.”
In 2018, AC Milan underwent a similar transition when American fund Elliott Management assumed ownership after the previous owner missed a loan repayment deadline.
Following the recent ownership change, Oaktree aims to build on Inter’s recent successes, including their Serie A title, two Italian Cup trophies, three Italian Super Cups, and their recent Champions League final appearance.
“Winning the second star was a pivotal moment for the club, and our aim is to build on the momentum achieved on the pitch to develop a clear path for consistent growth and success,” added Cano.
