The American fund Oaktree officially became the new owner of Inter Milan this Wednesday after the management of Chinese Steve Zhang did not return on time the loan of 395 million euros, which it received in 2021, nor find an extension agreement. “Since May 22, 2024, funds managed by Oaktree Capital Management own FC Internazionale Milano. This occurs after the non-payment of the three-year loan granted by Oaktree to Inter’s holding companies, which matured on May 21, 2024 with a total balance of approximately 395 million euros,” the fund itself reported.
Inter, one of the most stable projects in European football, is witnessing a change of ownership that, on paper, will not change anything in the club’s policy, simply a name change in ownership, which will take control away from the group. Suning, since 2016 and until now the owner. “Oaktree intends to work closely with Inter’s current management team, partners, the league and the sport’s governing bodies to ensure the club is positioned for success on and off the pitch, focusing on “solid management and governance with a vision of sustainable growth and success,” the entity stated in the statement.
The Milan (north) club reached an agreement in 2021 with the Oaktree fund for a loan of 270 million euros to be returned three years later, in 2024, with 12% interest per year: that is, about 395 million . The deadline to return the money ended this Tuesday and Inter did not manage to return the money or reach an extension agreement with the American fund, the new owner of the club. He also failed to refinance his debt with the American fund Pimco, so his avenues were exhausted.
Now, although the change of ownership is a fact, it will take several days for it to be truly official, as a bureaucratic process of changing the board begins. In this way, the work of the Chinese Steve Zhang, the youngest president in the club’s history, ends. Nerazzurri. Born in 1991 in Nanjing (eastern province of Jiangsu), he assumed the position of president in 2018 at only 26 years old and said goodbye six years later with seven trophies and two European finals, one in the Champions League and another in the Europa League. It will not be the first time that the American fund takes charge of a sports project, as it already owns 80% of SM Caen. Additionally, one of the founders, Bruce Karsh, owns shares in the NBA’s Golden State Warriors.
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