Investment fund Oaktree Capital Management has taken ownership of Serie A champions Inter after a missed €395million payment from the club s majority shareholder.
Granted by Oaktree in 2021 to the Luxembourg-based vehicle through which Chinese conglomerate Suning 002024.SZ controlled Inter, the loan was guaranteed by a stake in the club.
That gave Oaktree, which specialises in providing rescue funding to struggling firms, the potential right to take control of the club in the event of a default.
Oaktree is committed to working closely with Inter s current management team, partners, the league and governing bodies to ensure the club is positioned for success on and off the pitch, it said in a statement.
A person close to the matter said Oaktree, which has only limited previous involvement in sports franchises, was not planning to sell Inter immediately and was prepared to be a patient investor.
— Inter (@Inter)
The upheaval off the field contrasts with the club s success on it, with Inter having last month secured their 20th Serie A league title and the second under Suning s ownership.
There was no immediate comment from Suning, which bought a majority stake in the club in 2016 in one of the highest-profile forays by a Chinese business into European soccer.
Since then, Chinese authorities have imposed curbs over overseas spending in sport and Suning has been hit by the COVID-19 downturn.
That prompted Suning three years ago to get a €275m emergency financing package from Oaktree, which helped Inter to weather the pandemic crisis.
In a letter to fans published on the club s website on Saturday, Inter chairman Steven Zhang, the son of Suning s founder Zhang Jindong, warned the club s stability was at risk as attempts to find an agreement with Oaktree had failed.
Oaktree s move mirrors the takeover of Inter s rivals Milan by U.S. hedge fund Elliott Management in 2018.
Elliott took control of Milan after Chinese businessman Li Yonghong missed a payment to the club.
