Inter Milan has been taken over by US investment fund Oaktree after Chinese owners Suning missed a €395 million debt repayment deadline. Oaktree, now the club's owner, aims to ensure operational and financial stability for the Serie A champions, following Suning's failed attempts to renegotiate the debt.
Inter Milan has been taken over by US investment fund Oaktree Capital Management after the club's Chinese owners, Suning Holdings Group, failed to meet a €395 million (£336.5 million) debt repayment deadline. Oaktree announced on Wednesday that it had "assumed ownership" of the Serie A champions after Suning defaulted on a three-year loan that expired on May 21.
Suning, which acquired Inter Milan in 2016, relinquished control just three days after Simone Inzaghi's team lifted the Serie A trophy. Alejandro Cano, Oaktree's managing director, expressed a commitment to the club's future. "As the new ownership group, we understand the great responsibility towards the community and the historical legacy of Inter," Cano said in a statement. "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."
Oaktree had initially provided rescue capital to Inter Milan's holding companies in May 2021 to stabilize the club's financial situation and enable it to continue operating, including paying its players and employees. Despite these efforts, Suning was unable to reach a new agreement with Oaktree, leading to the takeover.
Inter Milan's chairman, Steven Zhang, the 32-year-old son of Suning's founder Zhang Jindong, addressed fans in a letter on Saturday, acknowledging the unsuccessful attempts to renegotiate the debt with Oaktree. The takeover marks a significant shift in the club's ownership at a time when Inter Milan is celebrating its 20th Italian title, secured with five games to spare after defeating arch-rivals AC Milan in April.
The focus now shifts to how Oaktree will manage the club moving forward, with fans hopeful for a stable and successful future under the new ownership.
