Oaktree Group have now taken over Inter Milan, after their previous owners, Suning Group, failed to repay a debt of around €395 million to the investment banking firm. Their default means that Inter have become the seventh club in Italy to be owned by an American firm.
Bloomberg revealed that the collateral backing the debt was a majority stake in the club, which has now been transferred. Suning Group came into the fold in 2016, acquiring a 70% stake in the club. But, they endured heavy losses in order to keep the club running during the COVID-19 pandemic.
Oaktree Group acquire Inter Milan after Suning defaults on payments
45% of clubs in Serie A have foreign ownership 🌎
— Italian Football TV (@IFTVofficial) May 22, 2024
8 North American 🇺🇸🇨🇦
1 Indonesian 🇮🇩
This is updated now since American fund, Oaktree Capital, have taken over Inter for the Chinese Suning Group.
If Venezia or Palermo get promoted that takes it to 50% 🤯 pic.twitter.com/i9p730bM2E
Suning Group head Steven Zhang was looking for a sale of the club for the last couple of years. He wanted a price worth around $1.2 billion, which is the same that RedBird acquired their rivals, AC Milan for. However, the massive €900 million debt scared away potential investors from striking a deal.
With Oaktree now in control of the club, the board of directors will have to resign. But, the investment firm will be keeping the football structure intact. Meaning sporting CEO Beppe Marotta will retain his post alongside Alessandro Antonello, the club’s corporate CEO.
The club is now expected to go into a transition phase as the ownership moves from the Suning Group to Oaktree. The investment firm has no plans to sell the club right now, meaning they could be set to stay for the coming years.
