Inter Milan win: US firm Oaktree puts the boot in over Suning's debts

American fund Oaktree has officially became the new owner of Serie A champion Inter Milan, bringing an end to Suning's eight years in charge.

Oaktree took over after Suning failed to meet Tuesday's deadline of repaying a debt of nearly €400 million. 

That figure stems from a loan, with interest, taken out three years ago, soon after Inter won its previous league title. It was known at the time the club was going to be hit by record losses because of the coronavirus pandemic.

"As of May 22, 2024, funds managed by Oaktree Capital Management, LP are the owners of Inter. This follows the failure to repay the three-year loan granted by Oaktree to Inter's holding company, having expired May 22, 2024 with an overall balance of approximately 395 million euros," Oaktree said in a statement. 

Managing director Alejandro Cano said it is looking to the club's long-term future.

"As new owners, we recognize our responsibility to Inter Milan's community, history and legacy," Cano said in a statement. "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."

The news comes three days after Inter was presented with its 20th league title amid a party atmosphere at San Siro.

Chinese retail giant Suning took over Inter in 2016, ending a three-year reign by a consortium led by Indonesian businessman Erick Thohir. Massimo Moratti had been in charge since 1995 before selling a majority share of the club to Thohir.

Five years after