May 23, 2024 05:24 PM
BUSINESS
Inter Milan Seized by Oaktree After Chinese Owner Defaults on Debt
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Lautaro Martinez of Inter Milan celebrates winning the Serie A TIM title in April. Photo: Bloomberg
(Bloomberg) — Oaktree Capital Management took ownership of Italy’s Inter Milan, one of the most storied soccer clubs in Europe, after its Chinese owner defaulted on a loan.
The U.S. fund has taken control of the club as of Wednesday after conglomerate Suning Holding Group Co. failed to repay 395 million euros ($428 million), Oaktree said in an emailed statement. The collateral backing the debt was a majority stake in the soccer club.
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