The American investment fund Oaktree Capital Management formally became the new owner of Intercurrent champion of the Italian Serie A, because the Chinese group Suning, owner of the institution since 2016, could not cancel a debt of 395 million euros.
“Since May 22, 2024, funds managed by Oaktree Capital Management LP own FC Internazionale Milano”reads a statement issued by the US fund. “This is due to the failure to repay the three-year loan granted by Oaktree to Inter’s holding company, which expired on May 21, 2024 with a total balance of approximately €395 million,” adds the note.
“In May 2021, when Inter recorded record financial losses for the 2020-2021 financial year, Oaktree provided Inter’s holding company with the necessary resources to stabilize the club’s financial situation and thus continue functioning and also guarantee payment to players and employees,” the text highlights.
“In the three years since Oaktree’s emergency intervention, Inter won its eighth and ninth Italian Cup, won its sixth, seventh and eighth Super Cup, won its 20th Scudetto and its historic second star, in addition to having reached the UEFA Champions League final for the first time since 2010,” lists the Californian fund.
Oaktree warned that in the coming weeks his management team will contact the Inter management team to “ensure an orderly and smooth transition”. The consortium also assured that it will dedicate “to achieve the best outcome for the long-term prosperity of Inter, with an initial focus on the operational and financial stability of the club and its stakeholders”.
“Oaktree has great respect for the history of Inter, the passion of the players, the loyalty of Inter fans; it also has great respect for the important role of the club towards the city of Milan, Italy and the global sports community”the note continues.
“Oaktree intends to work closely with Inter’s current management team, its partners, the league and the sport’s governing bodies to ensure the club is positioned for success on and off the pitch, focusing on sound management and “solid governance with a vision of sustainable and successful growth”the statement insists.
“As new owners, We know our great responsibility towards the community and the historical legacy of Inter. “We are committed to the long-term success of the Nerazzurri and believe that our ambitions for the club join those of its passionate fans in Italy and around the world,” completes the text signed by Alejandro CanoCOO and co-head of Europe for Oaktree’s Global Opportunities strategy.
After the publication of the statement, the managing director of Inter, Giuseppe Marotta, and the club’s corporate director, Alessandro Antonello, met with Cano and Katherine Ralph, Director of Global Strategies and Opportunities at Oatkree. After the meeting, Marotta was confirmed in his position, as was Simone Inzaghi, the coach who won Serie A this season.
Simone Inzaghi warmly bid farewell to President Steven Zhang. Photo: Daniele Mascolo / Reuters.Instead, Oatkree must appoint a new president to replace the Chinese businessman Steven Zhangresponsible for the club’s Board of Directors since the arrival of Suning in 2016.
“Thank you president,” Inzaghi published on the Instagram account of his wife, Gaia Lucariello, to greet Zhang, the visible face of the Suning group, which has invested some 900 million euros since his arrival at Inter. The message includes a photo with the six trophies that Inter won during its cycle with the stellar performances of Lautaro Martínezfrom the midfielder Nicoló Barella and the Turkish Hakan Calhanoglu.
“Farewells are never easy, but this one is really difficult. President, thank you for having faith in me when no one else did.. The experiences and successes we shared will always have a special place in my heart. I wish you the best for the future,” Calhanoglu also wrote on Instagram.
Another Inter player who chose that social network to greet Zhang was Federico Dimarco: “Thank you Steven. I will never forget what you did for me and for our colors. All together we returned Inter to where it deserves to be and it will remain that way forever,” highlighted the defender.
Even the fans who usually occupy the North Curve of the Giuseppe Meazza stadium published a message on the same social network to thank Zhang “for the contribution to the history of Inter, the great successes achieved and a style worthy of his most illustrious predecessors”.
“With the deepest hope of seeing him again soon in the stadium with his Inter brothers, we wish him and his loved ones all the best for the continuity of his private and professional life”adds the message from the fans.
With the arrival of Oaktree to Inter, there are now six Serie A teams with North American owners, as the Neroazzurro club joined Milan, Rome, Atalanta, Fiorentina, Bologna and Parma.
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