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On Wednesday, US investment firm Oaktree acquired Inter Milan following the Serie A champions' outgoing owners Suning's failure to meet a deadline for repaying a debt of hundreds of millions of dollars.
Following the non-repayment of a "three-year loan to Inter Milan's holding companies that matured on May 21, 2024 with a total balance due of approximately 395 million euros ($428 million)", Oaktree declared in a statement that they had "assumed control" of Inter.
Three days after Inter was declared the 20th official Italian champion, Chinese company Suning handed over ownership of the team to Oaktree.
As the Covid-19 outbreak devastated the finances of teams across Europe three years ago, Suning pledged their majority position in the club as security to borrow 275 million euros at an interest rate of more than 12 percent in order to pay employees and players.
Oaktree went on, "Oaktree is committed to attaining the best result for Inter Milan's long-term prosperity, with an initial focus on operational and financial stability for the Club and its stakeholders."
After Suning bought Inter in 2016, the team amassed seven trophies, including two Serie A crowns and two European final appearances, and became a formidable force both domestically and internationally.
This year's champions, led by Simone Inzaghi, won the Scudetto with five games to go after defeating AC Milan in an exciting local derby.
"Committed to working closely with Inter Milan's current management team, partners, the league and governing bodies to ensure the Club is positioned for success on and off the pitch," stated Oaktree, an asset management firm that oversees $192 billion in assets.
Oaktree acquired Inter in a manner akin to how Elliott Management, another US investor, acquired Milan, Inter's local rivals, in 2018.
When Chinese investor Li Yonghong failed to make good on a loan he had taken out to purchase Milan from the late Silvio Berlusconi's Fininvest the previous year, Elliott took over as the club's owners.