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American fund Oaktree takes over Serie A champion Inter after previous owners failed to repay loan

Wed, May 22, 2024
Soccer News (AP)

American fund Oaktree takes over Serie A champion Inter after previous owners failed to repay loan

MILAN (AP) - American fund Oaktree officially became the new owner of Serie A champion Inter Milan on Wednesday, bringing an end to Suning and Steven Zhang's eight years at the helm.

Oaktree took charge after Suning failed to meet Tuesday's deadline of repaying a debt of nearly 400 million euros ($434 million).

That sum stems from a loan - and interest - taken out three years ago, shortly after Inter won its previous league title.

"As of May 22, 2024, funds managed by Oaktree Capital Management, LP are the owners of Inter. This follows the failure to repay the three-year loan granted by Oaktree to Inter's holding company, having expired May 22, 2024 with an overall balance of approximately 395 million euros," Oaktree said in a statement sent to The Associated Press and other news outlets.

The news comes just three days after Inter was presented with its 20th league title amid a party atmosphere at San Siro.

Inter becomes the seventh Serie A club under American ownership. The others are AC Milan, Atalanta, Fiorentina, Roma, Genoa and newly-promoted Parma.

It had been unclear whether Oaktree would look to sell Inter, but managing director Alejandro Cano said it is looking to the long-term future.

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"As new owners, we recognize our responsibility to Inter Milan's community, history and legacy," Cano said in a statement. "We are committed to the long-term success of the Nerazzurri and believe our ambitions for the club are united with those of its passionate fans in Italy and around the world.

"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."

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AP soccer: https://apnews.com/hub/Soccer

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Article Copyright © 2024 The Associated Press, All Rights Reserved.
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