Troubled Suning loses Inter to Oaktree Capital

US investment fund Oaktree Capital Management said it has become the new owner of Italian Serie A champions Inter Milan after a missed 395-million-euro (HK$3.34 trillion) payment from the club's holding company.

Granted in 2021 to the Luxembourg-based vehicle through which Chinese conglomerate Suning controls Inter, the loan was guaranteed by the firm's stake in Inter.

Under such a scheme Oaktree had the potential right to take control of the club in the event of a default.

"Our initial focus is operational and financial stability. We have great respect for Inter Milan's management team," said Oaktree's Alejandro Cano.

Founded in 1908, Inter are among the most famous clubs in Italian football, having won the league 20 times.

Suning bought a majority stake in the club in 2016 in one of the highest-profile forays by Chinese business into European football.