United States-based investment fund Oaktree Capital Management said on Wednesday 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.
Granted in 2021 to the Luxembourg-based vehicle through which Chinese conglomerate Suning controlled Inter, the loan was guaranteed by the firm’s stake in the club.
Under such a scheme, Oaktree had the potential right to take control of the club in the event of a default.
“Our initial focus is operational and financial stability. We have great respect for Inter Milan’s management team,” Oaktree managing director Alejandro Cano said.
Inter becomes the seventh Serie A club under American ownership. The others are AC Milan, Atalanta, Fiorentina, Roma, Genoa and newly-promoted Parma.
Founded in 1908, Inter are among the most famous clubs in Italian football, having won the league 20 times, and are home to top players including 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 business into European football.