Inter Milan has been acquired by US fund Oaktree following the failure of the Serie A champions' previous owners, Suning, to meet a repayment deadline for a debt worth hundreds of millions of euros.
In a statement, Oaktree declared that they had "assumed control" of Inter after Suning defaulted on a "three-year loan to Inter Milan's holding companies, due on 21 May 2024, with a total balance due of approximately 395 million euros ($428 million)".
The Chinese conglomerate Suning has handed over control of Inter to Oaktree just three days after the team celebrated their 20th Italian championship title.
Suning had borrowed 275 million euros at over 12 percent interest three years ago to cover expenses for staff and players during the financial strain caused by the Covid-19 pandemic. They had put up their controlling stake in the club as collateral.
"Oaktree is committed to ensuring the long-term prosperity of Inter Milan, focusing initially on stabilizing the club operationally and financially for the benefit of the club and its stakeholders," Oaktree stated.
Inter has experienced significant success domestically and internationally since Suning acquired the club in 2016, winning seven trophies, including two Serie A titles and reaching two European finals.
Under Simone Inzaghi's leadership, Inter clinched this year's championship with five matches remaining, securing the Scudetto with a thrilling victory over AC Milan in the local derby.
Managing $192 billion in assets, Oaktree affirmed its dedication to collaborating closely with Inter Milan's existing management, partners, league, and governing bodies to ensure the club's success on and off the field.
Inter's ownership transition to Oaktree echoes the path taken by their local rivals AC Milan, who came under the control of another US fund, Elliott Management, in 2018.
Elliott assumed ownership of Milan after Chinese businessman Li Yonghong failed to repay a loan he had obtained when purchasing the club from Silvio Berlusconi's Fininvest the previous year.