After the Chinese owners of the Serie A champions, Suning, missed a deadline for repaying a debt of 395 million euros (£336.5 million), US investment firm Oaktree acquired Inter Milan.
Following Suning’s nonpayment of a three-year loan that was set to expire on May 21, Oaktree declared on Wednesday that it had “assumed ownership” of Inter.
The club, which was purchased by Suning in 2016, gives up ownership three days after Simone Inzaghi’s Inter squad wins the Serie A championship.
Alejandro Cano, managing director of Oaktree, stated in a statement, “As the new ownership group, we understand the great responsibility towards the community and the historical legacy of Inter.”
“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.”
In order to “stabilize the club’s financial situation and enable it to continue operating, including to pay its players and employees,” Oaktree claimed that it had given Inter’s holding companies emergency funds in May 2021.
The 32-year-old son of Suning founder Zhang Jindong, Inter chairman Steven Zhang, stated in a message to supporters on Saturday that efforts to reach a deal with Oaktree had failed.
When the club overcame AC Milan in April, their closest rivals and bitterest rivals, they won their 20th Italian championship with five games remaining.
