United States fund Oaktree announced on Wednesday that it is the new owner of Serie A champions Inter after the previous owners, China's Suning, failed to pay off a 395-million-euro debt by Tuesday's deadline for repayment.
Suning had borrowed 275 million euros three years ago from Oaktree at an interest rate of over 12% after the club's finances were badly hit by the impact of the Covid-19 pandemic.
"As of 22 May 2024, funds managed by Oaktree Capital Management, LP are owners of FC Internazionale Milano," Oaktree said in a statement.
"This follows the non-repayment of the three-year loan granted by Oaktree to Inter's holding companies, which expired on 21 May 2024 with a total balance of approximately €395 million.
"Oaktree is dedicated to achieving the best outcome for Inter's long-term prosperity, with an initial focus on the operational and financial stability of the Club and its stakeholders." The uncertainty about the debt repayment and the ownership of the club had cast a cloud over Sunday's celebrations for Inter winning this season's Serie A title, the 20th of the teams history, bringing the right to wear a second star on their shirts, during their last home game of the campaign, a 1-1 draw with Lazio.
At the weekend, Inter's outgoing Chairman Steven Zhang, the son of Suning's founder Zhang Jindong, had complained that Oaktree was not cooperating with efforts to find an agreement to refinance the debt.
"During the approach of the pending Oaktree facility redemption date, we have been making every attempt with our partner to find an amicable resolution, including multiple paths for Oaktree to achieve full and immediate financial return," Zhang said in a statement on Inter's website.
"Unfortunately, our efforts to date have been exasperated by legal threats, and a lack of meaningful engagement from Oaktree.
"Not only has this been deeply frustrating and disappointing, such behavior now poses potential risks to the Club that could seriously jeopardize its stability".
During Suning's eight years as owner, Inter won seven titles, including two Serie A crowns, and reached two European finals, including the final of last year's Champions League.
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