US asset management firm Oaktree Capital Management has officially taken control of Italian football club Inter Milan after the now-former Chinese owner Suning failed to repay debts owed to Oaktree.
Oaktree provided a €395 million loan to Suning in May 2021 to stabilise the club amid record projected losses during the 2020/2021 season.
According to ESPN, the loan was guaranteed against Suning’s majority stake in the club. Failure to repay the loan after three years left the door open for Oaktree to swoop in and seize control.
Oaktree said its focus will be on “operational and financial stability”.
Managing director Alejandro Cano stated: “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.
“Winning the second star was a pivotal moment for the club and our aim is to build on the momentum achieved on the pitch to develop a clear path for consistent growth and success.”
Inter lifted the Serie A Scudetto trophy for the 20th time this April, meaning a second star has been added to the team’s shirt.