Inter-Oaktree, official announcement. On with Marotta
Inter has officially moved to the Oaktree fund. The Suning-Zhang era comes to an end and after the statement from the American fund, the bureaucratic process begins which will start with the resignation of the current Board of Directors and move on to the appointment of the new one. There will be the payment to Suning of the difference between the loan balance and the value that the appraiser will give of the company, a necessary step to become the owner of over 99 percent of the shares.
On the front linked to the appointment of the board, the Suning board members will have to leave as will probably the two Oaktree men (Carlo Marchetti and Amedeo Carassai) who will return with the new appointments. It remains to be seen who will be the president, while the sports management should remain the current one, with Beppe Marotta who will at least initially have all the delegations of the club. So there will be no management shake-ups as the US fund has already done with Caen where it only held the administrative management of the club. The market will slow down for about twenty days before restarting following the path already traced in recent months by Marotta and Ausilio (with Taremi and Zielinsky already taken on free transfers): we will aim for a zero balance between income and expenditure, or even a positive one with a view to improving the accounts. But the current management has already demonstrated through results that it knows how to do it in a superlative way.
Inter moves to Oaktree: the Americans announce the change of ownership
“As of May 22, 2024, funds managed by Oaktree Capital Management, LP are the owners of FC Internazionale Milano. This follows the failure to reimburse the three-year loan granted by Oaktree to Inter holdings, expired on 21 May 2024 with a total balance of approximately 395 million euros”. The American fund Oaktree announced this in a note
“In May 2021, with Inter on track to record record financial losses for the 2020/2021 financial year, Oaktree provided Inter’s holding companies with the necessary resources to stabilize the Club’s financial situation and thus continue to operate, also guaranteeing the payment of players and employees. In the three years since Oaktree’s emergency surgery, Inter have won their eighth and ninth Italian Cup, secured their sixth, seventh and eighth Super Cup, and earned their 20th Scudetto and historic second star, as well as having reached the UEFA Champions League final for the first time since 2010,” the Oaktree statement added.
Inter moves to Oaktree, the objectives of the American fund
“Oaktree is dedicated to achieving the best outcome for the long-term prosperity of Inter, with an initial focus on the operational and financial stability of the Club and its stakeholders. Oaktree has great respect for the history of Inter, the passion of the players, the loyalty of the Inter fans; he also has great regard for the significant role of the Club towards the city of Milan, Italy and the global sporting community. Oaktree intends to work closely with Inter’s current management team, partners, the League and the sport’s governing bodies to ensure the Club is positioned for success on and off the field, focusing on strong management and governance with a vision of sustainable and successful growth. Oaktree and the Inter management team will be in contact with the Club’s main stakeholders in the coming weeks in order to ensure an orderly and unhindered transition”, explained the note from the American fund
Alejandro Cano (Oaktree), ‘we know our great responsibility towards Inter’
“As new ownership, we know our great responsibility towards the community and the historical legacy of 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.” This was stated by Alejandro Cano, Managing Director and Co-Head of Europe for strategy Oaktree’s Global Opportunities. “Our initial focus is the operational and financial stability of the Club. We have great respect for the Inter management team and look forward to working closely with them to provide strong leadership to the Club. Winning the second star was a crucial moment for the Club and our goal is to continue the success achieved on the pitch with a path of long-term growth and success,” added Cano.
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