Oaktree acquires Inter Milan after debt deadline
Date
6/26/2024 6:27:44 AM
(MENAFN) Oaktree, an American investment fund, has announced its acquisition of Inter Milan, the renowned Italian soccer champion, following the expiration of a critical debt repayment deadline from the Chinese Suning Group. The acquisition comes after Suning failed to meet a May 21, 2024 deadline to repay debts totaling approximately 395 million euros (USD428 million) owed to Inter's holding companies. This failure led Suning to relinquish control of Inter Milan to Oaktree, marking a significant transition in the club's ownership.
In a statement, Oaktree emphasized its commitment to assuming ownership of Inter Milan with a strategic focus on ensuring the club's long-term operational and financial stability. The fund expressed its intent to prioritize the best interests of Inter Milan and its stakeholders, aiming to sustain and enhance the club's success in both domestic and European competitions.
Suning Group initially acquired control of Inter Milan in 2016, a period during which the club experienced a resurgence in its performance, securing seven titles including multiple Italian League victories and notable achievements in continental competitions. Inter's recent triumph in securing its twentieth Italian League title adds to its storied history under Suning's ownership.
The financial dynamics leading to Oaktree's acquisition of Inter Milan mirror similar developments in Italian football, where American funds have intervened in response to financial challenges faced by clubs under previous ownerships. Notably, Oaktree's takeover of Inter follows a pattern seen in 2018 when Elliott Management assumed control of Inter's city rival, AC Milan, after financial difficulties arose following a change in ownership from Silvio Berlusconi to Chinese businessman Li Yonghong.
Oaktree's acquisition of Inter Milan signifies a new chapter for the club, poised to navigate its future with stability and strategic planning under American ownership.
MENAFN26062024000045015682ID1108375018
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.