US investment fund Oaktree Capital Management said it had taken ownership of Italian soccer champions Inter Milan after a missed €395 million ($428 million) payment from the club’s Chinese majority shareholder, reports Reuters. Granted by Oaktree in 2021 to the Luxembourg-based vehicle through which Chinese conglomerate Suning controlled Inter, the loan was guaranteed by the stake in the club.
That gave Oaktree, which specialises in providing rescue funding to struggling firms, the potential right to take control of the club in the event of a default. “Oaktree is committed to working closely with Inter Milan’s current management team, partners, the league and governing bodies to ensure the club is positioned for success on and off the pitch,” it said in a statement.
A person close to the matter said Oaktree, which has only limited previous involvement in sports franchises, was not planning to sell Inter immediately and was prepared to be a “patient investor.”