US Investment Firm Oaktree Takes Control of Inter Milan Following Chinese Owners' Loan Default
Suning, the Chinese owner of Inter, has been unable to repay a loan worth €395 million ($428 million) that they took out to aid the club during the Covid pandemic.
Oaktree, a prominent lender known for its industry-leading founder Howard Marks and assets under management amounting to $192 billion, released a statement expressing their commitment to the long-term success of Inter. They believe that their aspirations for the club align with those of its passionate fanbase in Italy and beyond.
Suning acquired a significant stake in Inter back in 2016, leading to eight successful years of Chinese ownership. During this period, Inter won the Serie A title twice and the Coppa Italia, along with three Italian Supercups and subsequent appearances in the finals of the Champions League and Europa League.
In response to the impending Oaktree facility deadline, former Inter president Steven Zhang asserts that efforts were made to find a peaceful solution. However, these attempts have been met with unsuccessful attempts by Oaktree to swiftly recover their investment without meaningful communication with Suning. He further adds that this has been distressing and detrimental, potentially jeopardizing the club's stability.
CNN has reached out to Oaktree for comment.
Inter is one of Italy's prestigious and most successful football clubs. Their recent victory in the Serie A championship marked their 20th league title, second in history only to Juventus. @
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Inter Milan's current financial troubles stem from Suning's inability to repay a substantial football-related loan. Despite these challenges, Oaktree, now in control of the club, remains optimistic about Inter's future success, sharing the sentiments of its devoted fanbase.
Source: edition.cnn.com
