Football: American fund Oaktree takes control of Inter Milan

Football: American fund Oaktree takes control of Inter Milan
Football: American fund Oaktree takes control of Inter Milan

Milan (awp/afp) – The American fund Oaktree announced on Wednesday that it had taken control of Inter Milan, which has just been crowned Italian football champion. The takeover comes because the Chinese owner Suning did not repay a debt of 395 million euros on time.

Oaktree indicated in a press release that it had “taken control” of the club due to failure to record the repayment of “a three-year loan” which matured on May 21 “for a total due of approximately 395 million euros”. . On Saturday, Inter president Steven Zhang criticized the American fund for “compromising the financial stability” of the club and assured that Suning had “made every effort to find an amicable solution” with Oaktree.

The club or its Chinese owners did not immediately react on Wednesday. Oaktree had granted the Chinese conglomerate a loan of 275 million euros in 2021 to cope in particular with the lack of ticketing revenue during the Covid period, during which the matches of the Italian Championship were played without an audience.

With interest of 12% per year, Suning therefore owes 395 million euros to Oaktree, a Californian investment fund which totals $170 billion in assets. “Oaktree is determined to achieve the best results for the long-term prosperity of Inter Milan, with a primary focus on the operational and financial stability of the club and stakeholders,” the fund underlined in its press release.

afp/vj

-

-

PREV Bruno Genesio, new Lille coach: “I will continue the work of Paulo Fonseca”
NEXT Ligue 1. The DNCG requests additional elements from OM and Le Havre