Oaktree Capital takes ownership of Inter Milan following €395m default
US investment fund Oaktree Capital revealed it has become the new owner of Italian football champions Inter Milan after the club's holding company defaulted on a €395.0m payment.
Granted to the Luxembourg-based vehicle through which Chinese conglomerate Suning, the loan was guaranteed by the company's stake in the Serie A club. Under the scheme, Oaktree has the potential right to take the reins of the club in the event of a default.
Oaktree managing director Alejandro Cano said: "As the new ownership group, we understand the great responsibility towards the community and the historical legacy of Inter. We are committed to the long-term success of the Nerazzurri and believe that our ambitions for the Club match those of its passionate fans in Italy and around the world.
"Our initial focus is the operational and financial stability of the Club. We have great respect for the Inter management team and look forward to working closely with them to provide strong leadership to the Club. Winning the second star was a crucial moment for the Club and our objective is to continue the success achieved on the pitch with a path of long-term growth and success."
Suning bought a controlling interest in the club back in 2016, marking one of the highest-profile moves by a Chinese firm into European football.
Reporting by Iain Gilbert at Sharecast.com