OFFICIAL: Oaktree takes ownership of Inter Milan, Zhang’s era comes to an end

OFFICIAL: Oaktree Fund is the new owner of Inter Milan. Zhang’s era is over. 

The American fund has started the procedures to take over from Suning after Steven Zhang failed to repay a loan of nearly €400m, including interests.

Oaktree statement:

As of May 22, 2024, funds managed by Oaktree Capital Management, LP (*Oaktree") are owned by FC Interazionale Milano Cinter or the Club. This follows the non-repayment of the three-year loan granted by Oaktree to the inter holding companies, which expired on 21 May 2024 with a total balance of approximately 395 million euros.

In May 2021, with Inter heading to record financial losses for the 2020/2021 financial year. Oaktree has provided the inter holding companies with the necessary resources to stabilise the financial situation of the Club and thus continue to operate, also guaranteeing the payment of players and employees. In the three years since Oaktree's emergency intervention, Inter won their eighth and ninth Italian Cup, secured the sixth, seventh and eighth Super Cup, and earned the 20th Scudetto and the historic second star, as well as reaching the UEFA Champions League final for the first time since 2010.

Oaktree is dedicated to achieving the best result for Inter's long-term prosperity, with an initial focus on the operational and financial stability of the Club and its stakeholders. Oaktree has a great respect for the history of Inter, the passion of the players, the loyalty of the Interisti; he also has great consideration for the significant role of the Club towards the city of Milan, Italy and the global sports community. Oaktree intends to work closely with the current Inter management team, partners, league and sports governing bodies to ensure the Club is positioned for success on and off the pitch. focussing on sound management and governance with a vision of sustainable growth and success.

Alejandro Cano, Managing Director and Co-Head Europe for Oaktree's Global Opportunities Strategy, commented:

*As a new property, we know our great responsibility to the community and historical 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. Our initial goal is the operational and financial stability of the Club. We have great respect for Inter's management team and look forward to working closely with them to give strong leadership to the Club. Conquering the second steleia was a crucial moment for the Club and our goal is to continue the success achieved on the field with a path of long-term growth and success."

Oaktree and Inter's management team will be in contact with the Club's key stakeholders in the coming weeks to ensure an orderly and unhindered transition.

Zanetti could become Inter President with Oaktree takeover

Club directors Beppe Marotta, Piero Ausilio, Dario Baccin, and Alessandro Antonello will remain in charge and operative during the transition from Suning to Oaktree.

Marotta and Antonello are also on the board of directors alongside Carlo Marchetti and Amedeo Carassai, who have represented Oaktree at Inter during the last three years. The remaining six members of the board, including the president, will change, but Marchetti and Carassai will not be chosen to lead the club.

According to Tuttosport, Oaktree has two options. Name a ‘technocratic’ President or pick a familiar figure for the fans, possibly a club legend. If they choose the second option, Zanetti would be the best fit.