INTER’S CHINESE OWNERS LOSE CONTROL OF CLUB TO HEDGE FUND OAKTREE AFTER FAILURE TO REPAY US$429 MILLION LOAN
- Suning Holdings Group acquired Inter in 2016 with Steven Zhang installed as chairman in 2018
- Club are newly crowned Serie A champions, but Suning had taken out loan in 2021 to ease financial pressures, while also selling key players
Suning Holdings Group have relinquished control of Serie A champions Inter Milan to hedge fund Oaktree after failing to repay a three-year loan worth Euro395 million (US$429 million), taken out in 2021.
The news, mooted for weeks, has been confirmed by Oaktree.
Steven Zhang, founder and chairman of the Suning group, had been chairman of the club since 2018 and this season oversaw their march to a 20th league title. It made Inter only the second Italian side after Juventus to win a second star, awarded for every 10 titles won.
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"As new owners, we recognise our responsibility to Inter Milan's community, history and legacy," said a statement from Alejandro Cano, managing director of Europe for Oaktree's global opportunities strategy.
"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. We have great respect for Inter Milan's management team and look forward to working closely with them to provide strong leadership for the club.
"Winning the second star was a pivotal moment for the club and our aim is to build on the momentum achieved on the pitch to develop a clear path for consistent growth and success."
Inter are set to visit China during their preseason, sources have said. It is unclear whether the change of ownership affects those plans.
European champions in 2010, Inter were then out of the Champions League from 2012 to 2018 until the arrival of Suning saw an immediate upturn in their fortunes.
In the summer of 2019, they broke their transfer record to sign Romelu Lukaku from Manchester United for Euro80 million. They won their first Serie A title in 11 years the following campaign.
As well as adding a second title this year, Inter won the Coppa Italia three times and reached the finals of the Uefa Europa League and Champions League under Suning's ownership.
However, the Suning Group suffered serious financial losses during the Covid-19 pandemic, affecting how much they were able to invest in the club.
As well as offloading key players each summer at a profit, the club took out a loan with US hedge fund Oaktree to ease their immediate financial concerns.
But after Zhang missed a deadline for repayment, the club has moved under Oaktree's control.
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This article originally appeared on the South China Morning Post (www.scmp.com), the leading news media reporting on China and Asia.
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2024-05-22T11:45:41Z dg43tfdfdgfd
