United States-based investment fund, Oaktree Capital Management, on Wednesday, said it has become the new owner of Serie A champions, Inter Milan, after a missed €395 million ($428m) payment from the club’s Chinese holding company, Suning.
Oaktree granted the loan to Suning in 2021 and it was guaranteed by their stake in the club. According to a report by ESPN, Oaktree took charge after Suning failed to meet Tuesday’s deadline of repaying the debt.
Under such a scheme, Oaktree had the potential right to take control of the club in the event of a default on the loan and interest from it.
It had been unclear whether Oaktree would look to sell Inter, but managing director Alejandro Cano said it is looking to the long-term future while a source told Reuters that the fund is not planning 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 Inter Milan’s management team,” Cano said.
Inter became the seventh Serie A club under American ownership. The others are AC Milan, Atalanta, Fiorentina, Roma, Genoa and newly promoted Parma.
