The American fund Oaktree has officially become the new owner of Inter Milan after the management of Chinese owner Steve Zhang failed to repay the €395 million loan received in 2021 and could not reach an extension agreement.

"Since May 22, 2024, funds managed by Oaktree Capital Management have become the owners of FC Internazionale Milano. This follows the default on the three-year loan granted by Oaktree to Inter's holding companies, which was due on May 21, 2024, with a total outstanding balance of approximately €395 million," announced the fund.

Inter, one of the most stable projects in European football, is experiencing an ownership change that, in theory, will not alter the club's policy, just a change of name in the ownership, taking control away from the Suning group, which has been the owner since 2016.

"Oaktree intends to work closely with Inter's current management team, partners, the league, and sports governing bodies to ensure the club is positioned for success on and off the field, focusing on strong management and governance with a vision for sustainable growth and success," the entity said in the statement.

The Milan-based club (northern Italy) reached an agreement with Oaktree in 2021 for a €270 million loan to be repaid three years later, in 2024, with 12% interest per year: totaling approximately €395 million.

The deadline to repay the money expired this Tuesday, and Inter neither managed to repay the money nor secure an extension agreement with the American fund, now the club's new owner. They also failed to refinance their debt with the American fund Pimco, exhausting all their options.

Now, although the change of ownership is a fact, several days will need to pass for it to become truly official, as a bureaucratic process for changing the management begins.

This marks the end of the tenure of Steve Zhang, the youngest president in the club's history. Born in 1991 in Nanjing (eastern Jiangsu province), he took over as president in 2018 at just 26 years old and leaves six years later with seven trophies and two European finals, one in the Champions League and another in the Europa League.

This won't be the first time the American fund takes charge of a sports project, as it already owns 80% of SM Caen. Additionally, one of the founders, Bruce Karsh, holds stakes in the NBA's Golden State Warriors.