A lender with share security becomes the owner of an Italian champion.
What happened
Inter's majority owner, Suning, did not repay a loan from Oaktree with a reported balance of about €395m when it fell due in May 2024. The loan was secured on the controlling shareholding. Refinancing talks with Pimco did not reach a signed deal before the deadline, and Oaktree announced that it had taken ownership of the club.
How it was structured
The loan was made to the holding company that controlled the club's shares, and reports put the rate at about 12%. Because the security was over the shares, control could move at shareholder level, above the club itself.
Our review
This is one of the most visible enforcements in European football, and it shows why the form of security matters. It also shows how little time a refinancing can have when a large maturity approaches.
Sources
Not RMF transactions, just general football and sports transactions. Figures are as publicly reported, and reports sometimes differ. General market commentary, not investment, legal or financial advice.