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Football: Italy's Inter Milan secure financing deal with Oaktree funds

Football: Italy's Inter Milan secure financing deal with Oaktree funds

Inter Milan players celebrate after the match. (Photo: REUTERS/Alessandro Garofalo)

MILAN: Italian football club Inter Milan have reached a deal to secure financing from funds managed by Oaktree Capital Management, Oaktree said on Thursday (May 20).

Inter, crowned Serie A champions this month for the first time in 11 years, have been hit by fallout from the COVID-19 pandemic and the club's owners had been discussing a deal for months to shore up the finances.

Chinese retail giant Suning has controlled Inter Milan since 2016 through Luxembourg-based vehicle Great Horizon Sarl.

Inter, like rival clubs, are facing a drop in revenues due to the pandemic, as matches are played in empty stadiums and companies cut sponsorship budgets.

The club's CEO Giuseppe Marotta said last week Inter had to cut their wage bill to keep their business sustainable amid the pandemic.

Source: Reuters

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