The American fund Oaktree takes control of Inter Milan

The American fund Oaktree announced - in a statement obtained by AFP - this Wednesday that it has assumed control of Inter Milan, the recently crowned champion of the Italian soccer league.

The measure came after the Chinese owner, the Suning conglomerate, failed to repay a debt of more than $428 million on time. The Chinese company had bought a 68.7% stake in the club in 2016. It took out the loan to cope with the crisis generated by the pandemic.

On Saturday, Inter president Steven Zhang had criticized the American fund for "compromising the financial stability" of the club. He assured that Suning had sought an amicable solution to the situation.

"Unfortunately, our efforts to date have been exasperated by legal threats, and a lack of meaningful engagement from Oaktree. Not only has this been deeply frustrating and disappointing, such behavior now poses potential risks to the Club that could seriously jeopardize its stability." Zhang in a statement published on the team's official website.

Furthermore, he emphasized that "on behalf of Inter, as the President, I want to assure the hundreds of millions fans around the world, that we will do everything possible to protect our color, fundamental value and stability. We are committed to working towards a peaceful resolution with Oaktree and continue our success story for our beloved Inter."