New owners Oaktree Capital load up Inter Milan board with five of their own

June 5 – Having taken ownership of Italy’s Serie A champions on Internazionale on May 22, US investment fund Oaktree Capital Management has wasted no time taking control, appointing a new 10-person board.

Only three members survived from the old board– two independent directors, Amedeo Carassai and Carlo Marchetti – alongside Alessandro Antonello, Inter’s CEO Corporate.

Incoming are five new board members from Oaktree, and one from minority shareholder while former director Giuseppe Marotta moves up to president. Fausto Zanetton, CEO of Tifosy Capital & Advisory, a sports advisory and investment firm based in London also joins the board.

Oaktree’s board delegation will be led by Alejandro Antonello, Managing Director and Co-Head of Europe for Oaktree’sGlobal Opportunities strategy, alongside three colleagues from that division.

Oaktree took over the club after Suning Holdings Group, led by Steven Zhang, defaulted on a €395 million loan taken out three years ago.

Suning acquired a 68.7% stake in Inter in 2016 and, to support the club after the pandemic, in 2021 borrowed €275 million from Oaktree at 12% interest.

In a statement on takeover Oaktree said: “In May 2021, with Inter Milan forecasting record financial losses during the 20/21 season, Oaktree provided its holding companies with rescue capital to stabilize the Club’s financial situation and enable it to continue operating, including to pay its players and employees…

“Oaktree is dedicated to achieving the best outcome for the long-term prosperity of Inter Milan, with an initial focus on operational and financial stability for the Club and its stakeholders…

“Oaktree is committed to working closely with Inter Milan’s current management team, partners, the league and governing bodies to ensure the Club is positioned for success on and off the pitch; focusing on robust management, operations and governance with a vision for sustainable growth and success.”

Zhang had…

Source link : https://www.insideworldfootball.com/2024/06/05/new-owners-oaktree-capital-load-inter-milan-board-five/

Author : Paul Nicholson

Publish date : 2024-06-05 06:00:15

Copyright for syndicated content belongs to the linked Source.