Oaktree Capital to buy minority stake in Inter

by | May 19, 2021 13:32

Bloomberg reports Oaktree Capital is set to acquire a minority stake in Inter and could complete the club’s takeover from Suning in the future.

The US fund is close to buy a 30 per cent stake owned by LionRock Capital. The deal is worth €275m, around $336 m, according to the report.

Inter owners Suning have been looking for a ‘suitable partner’ to solve their financial issues for several months.

Bloomberg reports Oaktree Capital is set to acquire a minority stake in Inter and could complete the club’s takeover from Suning in the future.

The US fund is close to buy a 30 per cent stake owned by LionRock Capital. The deal is worth €275m, around $336 m, according to the report.

Inter owners Suning have been looking for a ‘suitable partner’ to solve their financial issues for several months.

“We were going through serious financial problems, even if we weren’t the only ones in such a difficult moment,” Inter’s vice president Javier Zanetti said earlier in May.

According to several reports in Italy, their President Steven Zhang asked players to give up on two months wages earlier this month.

Italian media had reported Oaktree Capital would help Suning with a bridging loan, but Bloomberg suggests the fund will be much more involved in the club’s management.

‘The move could eventually lead the U.S.-based fund to take full control of the soccer team from its Chinese owner, the conglomerate Suning Holdings Group Co,’ people familiar with the matter told Bloomberg.

Tom Pitts, head of LionRock Capital in Europe, will reportedly resign from the Inter board today and an official statement from the Hong Kong-based private equity firm is expected today.

Bloomberg reports representatives for Inter, Oaktree, LionRock and Suning declined to comment, but ‘final talks are ongoing.’

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