Oaktree Takes Over Inter Milan After Debt Payment Failure (2024)

Investment firm Oaktree Capital Management has taken ownership control of Inter Milan, one of the biggest brands in global soccer, after Inter’s owner, Suning, failed to repay a loan due this week with a balance of €395 million ($427 million based on current exchange rates).

“We recognize our responsibility to Inter Milan’s community, history and legacy,” Alejandro Cano,co-head of Europe for Oaktree’s Global Opportunities strategy, said in a statement Wednesday morning. “We are committed to the long-term success of the Nerazzurri and believe our ambitions for the club are united with those of its passionate fans in Italy and around the world. Our initial focus is operational and financial stability.”

Cano said Oaktree has “great respect” for the current management team at Inter and will continue to work with them to guide the club. Oaktree had $192 billion in assets under management as of March 31.

Chinese conglomerate Suning bought 70% of the team in 2016 in a deal that valued Inter at roughly $400 million. Suning took a €275 million ($297 million) loan from Oaktree during the COVID-19 pandemic to shore up the club’s finances.

In 2022, Inter hired the Raine Group and Goldman Sachs to explore a sale of the team, and Suning wanted to at least match the $1.2 billion that RedBird Capital paid for AC Milan in 2022, according to multiple bankers familiar with the process.

Pimco had emerged as a possible savior for Suning to refinance the debt ahead of the deadline, but they could not reach an agreement.

On Saturday, Inter chairman Steven Zhang, the 32-year-old son of Suning founder Zhang Jindong, posted a letter to fans on the team’s website saying an agreement with Oaktree had been unsuccessful.

Total debt for Inter ultimately reached roughly $900 million, and potential investors were scared off by the high debt, continued operating losses and stadium uncertainty; the team’s historic home, San Siro, needs a massive renovation or a new building. San Siro is owned by the city, and Inter shares the stadium with AC Milan, which has made clear it wants to build a new venue for itself.

Inter Milan ran away with the Serie A title this season—their 20th overall—and reached the finals of Champions League last year, but the losses continued to pile up. Inter lost a combined $138 million after player trading during the 2021-22 and 2022-23 seasons.

Inter is the seventh Serie A club now under American ownership.

Asli Pelit contributed to this report.

Oaktree Takes Over Inter Milan After Debt Payment Failure (2024)


Oaktree Takes Over Inter Milan After Debt Payment Failure? ›

Oaktree takes over Inter Milan after Chinese owner missed payment. MILAN, May 22 (Reuters) - U.S. investment fund Oaktree Capital Management said it had taken ownership of Italian soccer champions Inter Milan after a missed 395 million euro ($428 million) payment from the club's Chinese majority shareholder.

Who owns Inter Milan? ›

US asset management firm Oaktree Capital Management has announced assumed ownership of Italian soccer champions Inter Milan. Oaktree said it has taken over the Serie A outfit following a missed payment of €395 million (US$428 million) from Suning Holdings Group.

How much was Inter Milan sold for? ›

Chinese conglomerate Suning bought 70% of the team in 2016 in a deal that valued Inter at roughly $400 million. Suning took a €275 million ($297 million) loan from Oaktree during the COVID-19 pandemic to shore up the club's finances.

How much is Inter Milan worth? ›

Market Value

Inter Milan's enterprise value is between €1.36 and €1.49 billion, according to Andrea Sartori, founder and chief executive officer of data platform Football Benchmark.

Who owns Oaktree Capital Management? ›

Who are Milan new owners? ›

MILAN (AP) — Inter Milan's new American owner Oaktree appointed veteran director Giuseppe Marotta as the club's president on Tuesday as the investment firm began its reign in earnest.

How much is Inter Milan chairman worth? ›

Inter Milan recently won Serie A & President Steven Zhang, 32 - net worth $7.4 Billion has vowed to keep them at the top of Italian football whilst he's there.

How much would it cost to buy Inter Milan? ›

Aser Ventures Reportedly Interested In Buying Inter Milan For $1.1 Billion.

How much money is Milan worth? ›

Milan is the capital of the Lombardy region in northern Italy and is the wealthiest city in Italy. Milan and Lombardy had a GDP of €400 billion ($493 billion) and €650 billion ($801 billion) respectively in 2017.

How rich is AC Milan? ›

In the Serie A Awards, Rafael Leão was named as the league's most valuable player, Mike Maignan as the best goalkeeper, and Pioli as coach of the season. On 1 June 2022, RedBird Capital Partners agreed to acquire AC Milan at $1.3 billion, meanwhile Elliott Management Corporation would keep a minority stake.

Who is bigger club Inter or Milan? ›

The Inter Milan website reveals that the club has won 43 trophies, whilst the AC Milan website reveals that they have won 49 trophies. Therefore, AC Milan are the more successful side out of the two rivals. Again it is very close between the two sides.

How much is Man City worth? ›

In 2022, Forbes estimated the club was the sixth-most valuable in the world, worth $4.250 billion. Manchester City are owned by City Football Group Limited, a holding company valued at £3.73 ($4.8) billion in November 2019 and majority-owned by the Abu Dhabi United Group.

How much is PSG worth? ›

Off the pitch, PSG sold a minority stake in the club to investment firm Arctos in December 2023, at a reported valuation of $4.3 billion.

Why did Brookfield buy Oaktree? ›

"This transaction enables us to broaden our product offering to include one of the finest credit platforms in the world, which has a value-driven, contrarian investment style, consistent with ours," Brookfield Chief Executive Bruce Flatt said in a statement.

Is Oaktree a good company? ›

Oaktree Parent Rating

Oaktree has showcased a durable product shelf. This is demonstrated by the firm's 10-year success ratio of 68%, meaning that 68% of its products have both survived and beaten their respective category median.

What is Oaktree's net worth? ›

The estimated net worth of Oaktree Capital Group, Llc is at least $5.0 Billion dollars as of 2024-06-04. Oaktree Capital Group, Llc is the Director, 10% Owner of Charter Communications Inc and owns about 17,837,733 shares of Charter Communications Inc (CHTR) stock worth over $5.0 Billion.

Who is managing Inter Milan? ›

Inter Milan

On 3 June 2021, Inzaghi signed a two-year contract as coach of Inter.

Who bought Inter? ›

United States-based investment fund Oaktree Capital Management said on Wednesday it has become the new owner of Serie A champions Inter Milan after a missed €395 million ($428m) payment from the club's Chinese holding company, Suning.

Who is the owner of Inter Milan Chinese? ›

On June 6, 2016, Zhang Jindong, via his own private holding company Suning Holdings Group, signed a contract to purchase the majority stake in Italian football club Inter Milan, by purchasing existing shares and through recapitalization.

Who is Zhang Kangyang owner of Inter Milan? ›

Zhang Kangyang (Chinese: 张康阳; born 21 December 1991), known as Steven Zhang, is a Chinese businessman and the chairman of Italian football club Inter Milan.

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