Oaktree Capital said on Wednesday that it had bought well-known soccer club Inter Milan because the team had not paid back a loan.
Oaktree said that Inter Milan did not pay back a €395 million ($428 million) loan that was due on Tuesday.
“We want the Nerazzurri to be successful in the long term, and we think our goals for the Club are the same as those of its devoted fans in Italy and around the world.” “Our first priority is operational and financial stability,” said Alejandro Cano, who is co-head of Europe for Oaktree’s global opportunities strategy.
Oaktree, a fund manager with $192 billion in assets and co-founded by investing legend Howard Marks, is taking the club from Suning 002024, -0.68%, a Chinese store.
Oaktree will either keep the club or sell it.
A Finnish businessman named Thomas Zilliacus told an Italian news station that he wanted to buy the club.
