Funds under the management of Oaktree Capital have swept in to take control of the Serie A football club Inter Milan.
The club’s previous majority owner, Suning Holdings (headquartered in Nanjing, China), has failed to repay the outstanding balance on a loan from Oaktree that matured on May 21. That balance amounted to about €395 million. According to Oaktree, the loan consisted of rescue capital to enable the club to continue operating and meet its payroll. Inter Milan was forecasting losses during the 2020/21 season.
Oaktree says its priority for now is “operational and financial stability” and that it will work with existing management.
