US investment fund Oaktree Capital Management said on Wednesday it has become the new owner of Serie A champion Inter Milan after a default of 395 million euros ($428 million) by the Chinese holding company. of the club, Suning.
Oaktree granted the loan to Suning in 2021 and was guaranteed by their stake in the club. Oaktree took over after Suning missed a Tuesday deadline to repay the debt.
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Under such a scheme, Oaktree had the potential right to take control of the club in the event of non-payment of the loan and interest on it.
It was unclear whether Oaktree would look to sell Inter, but CEO Alejandro Cano said he is looking to the long-term future, while a source told Reuters the fund does not plan to offload the club immediately.
Oaktree will be a “patient investor,” the source added.
“Our initial focus is operational and financial stability. We have great respect for the Inter Milan management team,” Cano said.
Inter becomes the seventh American-owned Serie A club. The others are AC Milan, Atalanta, Fiorentina, Roma, Genoa and newly promoted Parma.
Founded in 1908, Inter is among the most famous clubs in Italian football, having won the league 20 times and hosting top players such as Lautaro Martínez and Nicolò Barella.
Suning bought a majority stake in the club in 2016 in one of the highest-profile forays by a Chinese company into European football.
“As new owners, we recognize our responsibility to the community, history and legacy of Inter Milan,” Canó said in a statement. “We are committed to the long-term success of the Nerazzurri and believe that our ambitions for the club are linked to those of its passionate fans in Italy and around the world.”
Information from The Associated Press and Reuters was used in this report.
