In a significant shift of ownership, American investment fund Oaktree Capital Management has officially taken control of Italy’s Inter Milan. The move comes after the club’s Chinese owner, Suning Holding Group Co., defaulted on a substantial loan. Here are the key details:

Oaktree Capital Management stepped in as the new owner of Inter Milan after Suning failed to repay a €395 million ($428 million) loan. The debt was secured against a majority stake in the football club. The collateral was invoked when Suning couldn’t meet the repayment deadline.

Suning had been negotiating with Pacific Investment Management Co. (Pimco) to refinance its debt, but the deal couldn’t be finalized in time. The pandemic’s impact on Inter Milan’s finances, coupled with stadium closures, exacerbated the situation. The loan provided by Oaktree in 2021 aimed to stabilize the club during challenging times.

Inter Milan, one of Europe’s most storied football clubs, clinched Italy’s domestic Serie A league title this season and was the runner-up in the UEFA Champions League last year. Despite the turbulence off the field, the team’s on-pitch success remains a testament to its resilience and talent.

Inter Milan now joins the ranks of Serie A clubs under American ownership. AC Milan, Atalanta, Fiorentina, Roma, Genoa, and newly-promoted Parma are already part of this trend. Even Serie B side Venezia, also American-owned, is vying for promotion.

As Oaktree assumes ownership, Inter Milan faces outstanding liabilities, including €415 million in high-yield bonds set to mature in early 2027. These bonds, issued by Inter Media and Communication SpA, are tied to the club’s broadcast and sponsorship rights. The club’s financial stability will be a priority for the new owners.

The transition from Suning to Oaktree marks a pivotal moment for Inter Milan. As the club navigates financial challenges, fans hope that its legacy on the pitch continues to shine, regardless of the ownership shuffle.