MILAN - The US investment fund Oaktree Capital Management has become the new owner of the Italian football champions Inter Milan after the club’s Chinese holding company missed a 395-million-euro loan payment.
The Chinese conglomerate Suning, which controls Inter through a Luxembourg-based firm, in 2021 took out a loan that was guaranteed by its stake in Inter Milan.
Under the terms of the agreement, Oaktree had the potential right to take control of the club in the event of a default.
Suning had been in talks with Pacific Investment Management Co to refinance its debt in recent weeks, but a deal could not be agreed upon before the Oaktree loan matured on Tuesday.
“Our initial focus is operational and financial stability. We have great respect for Inter Milan’s management team,” said Alejandro Cano, managing director for Europe of Oaktree.
Founded in 1908, Inter Milan is among the most famous clubs in Italian football, having won the league 20 times, and is home to top players including Lautaro Martinez and Nicolo Barella.
Suning bought a majority stake in the club in 2016 in one of the highest-profile forays by a Chinese business into European football.