The North American venture capital fund Oaktree Capital Management became the new owner of Inter Milan following a unpaid loan of 395 million euros by the previous owner, Suning Holdings Group. The clause was executed during the last hours, three years after the transfer of the money was celebrated.
“Since May 22, 2024, funds managed by Oaktree Capital Management own FC Internazionale Milano. This occurs after the non-payment of the three-year loan granted by Oaktree to Inter’s holding companies, which matured on May 21, 2024 with a total balance of approximately 395 million euros,” the fund itself reported.
The management led by Chinese businessman Steven Zhang had reached an agreement with the Oaktree fund for a loan of 270 million euros in 2021. The commitment indicated that the money would be repaid three years later at 12% interest per yearthat is, about 395 million.
So far, there has been no official communication from the entity and even the local media cast doubt on the tour that the team had scheduled for China for the end of July as a preseason, to face Atlético de Madrid and PSG.
In the statement issued by the new fund that took control of the historic Italian entity, words from the general director and European co-director of the strategy were also replicated. Oaktree Global Opportunities, Alejandro Cano: “As new owners, we know our great responsibility to the community and the historical legacy of Inter. We are committed to the long-term success of the Nerazzurri and believe that our ambitions for the club are aligned with those of its passionate fans in Italy and around the world. Our initial objective is the operational and financial stability of the club. “We have great respect for the Inter management team and look forward to working closely with them to provide strong leadership to the club.”
This is a new twist in the history of this club founded in 1908. Towards the end of 2014, the surname Moratti ceased to be associated with the entity after 60 years involved in the management of the Milan institution. As reported at the time, the Indonesian businessman Erick Thohir disbursed 300 million euros to take control of 70% of Inter’s shareholding.
Although two years later, the figure of Steven Zhang began to link himself to the entity when he Suning Holdings Group bought the majority package for about 270 million euros. And in 2019 the Thoir’s pegging was completely ended after selling the remaining shares of the Asian group LionRock Capital.
As reproduced The Gazzetta dello SportThe ex-president Massimo Moratti He spoke about who the owner was and marked the field for the new owners: “I am very sorry that it ended like this. I have a lot of respect for him. In these years he won two championships and many trophies. The debts that he could not pay he spent on Inter, not on his own businesses. I hoped he could remain at the head of the club, I recently heard from him, but we didn’t talk about this. We hope that they respect the needs of the team and the club to maintain high levels. In football, a bright future is built day by day. “The increase in foreign funds in Serie A is due to the cost of football.”
Without reaching an agreement for payment or obtaining an extension, the youngest president in the history of the Nerazzurri He leaves his task: under the six years of Zhang’s management (32 years old, born in 1991), the club won 7 trophies and reached 2 European finals, one in the Champions League and another in the Europa League.
However, the Italian newspaper Tuttosport He assures that there is “another side” to this sports management: “A debt of around 700 million that will burden the coffers of the club and those who will have to manage it”. And they are even considering the possibility that the now former owners will file a lawsuit against the Americans.
Meanwhile, it will not be the first time that the American fund takes charge of a sports project, since it owns 80% of SM Caen in France. Additionally, one of the founders, Bruce Karsh, has stakes in the NBA’s Golden State Warriors.
