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  • Sports - Football - Gossips
  • Updated: May 22, 2024

US investment firm takes over ownership of Inter Milan

US investment firm takes over ownership of Inter Milan

Serie A champions Inter Milan have new owners as US investment fund Oaktree has taken over the stakes from the club from Chinese owners Suning.

The Asian investors missed a 395 million euro (£336.5m) debt repayment deadline culminating in the new leadership.

Oaktree announced the latest club ownership in the elite football business on Wednesday after Suning failed to repay a three-year loan that expired on 21 May.

Suning, which acquired the club in 2016, relinquished control three days after Simone Inzaghi's Inter team lifted the Serie A trophy.

"As the new ownership group, we understand the great responsibility towards the community and the historical legacy of Inter," Oaktree managing director Alejandro 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 said it had provided Inter's holding companies with rescue capital in May 2021 to "stabilise the club's financial situation and enable it to continue operating, including to pay its players and employees".

On Saturday, in a letter to fans, Inter chairman Steven Zhang - the 32-year son of Suning's founder Zhang Jindong - said attempts to find an agreement with Oaktree had been unsuccessful.

Inter sealed their 20th Italian title with five games to spare when they defeated arch-rivals and nearest challengers AC Milan in April.

 

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