US investment firm seizes control of Inter after missed payment from Chinese owners

US-based investment fund Oaktree Capital Management said on Wednesday it has become the new owner of Serie A champions Inter, following a missed $428 million (£336 million) payment from the club’s Chinese holding company Suning.

The loan was granted in 2021 to the Luxembourg-based vehicle through which the Chinese conglomerate controlled Suning Inter and was guaranteed by the company’s stake in the club. Under the arrangement, Oaktree had the right to take control of the club in the event of default.

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“Our initial focus is on operational and financial stability. We have great respect for Inter Milan’s management team,” said Alejandro Cano, Managing Director of Oaktree.

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

Founded in 1908, Inter are among the most famous clubs in Italian football, having won the competition twenty times. Suning bought a majority stake in the club in 2016 in one of the highest-profile forays into European football by a Chinese company.