American firm Oaktree Capital acquires Inter Milan

American global asset firm Oaktree Capital has announced the acquisition of Serie A champions Inter Milan, following President Steven Zhang’s inability to settle a debt amounting to nearly €400 million.

Oaktree announced their ownership on Wednesday, whilst also confirming that current directors Beppe Marotta, Alessandro Antonello, Dario Baccin, and Piero Ausilio will maintain operations.

“As of May 22, funds managed by Oaktree Capital Management, L.P. (“Oaktree”) have assumed ownership of FC Internazionale Milano. This follows the non-repayment of Oaktree’s three-year loan to Inter Milan’s holding companies that matured on 21 May 2024 with a total balance due of approximately €395m,” Oaktree’s statement reads.

“In May 2021, with Inter Milan forecasting record financial losses during the 20/21 season, Oaktree provided its holding companies with rescue capital to stabilize the Club’s financial situation and enable it to continue operating, including to pay its players and employees.

In the three years since Oaktree’s rescue financing, Inter has lifted its eighth and ninth Coppa Italia, secured its sixth, seventh, and eighth Supercoppa, earned its 20th Scudetto title and historic second star, and reached the UEFA Champions League final for the first time since 2010.

“Oaktree is dedicated to achieving the best outcome for the long-term prosperity of Inter Milan, with an initial focus on operational and financial stability for the Club and its stakeholders. Oaktree values the legacy of the Club, the passion of the players, the loyalty of the Interior, and the Club’s significant role in Milan, Italy, and the global sporting community.”

As of the time of this report, Inter Milan and President Zhang are yet to issue a statement acknowledging the takeover.