MILAN (AP) — Inter Milan secured a financing deal with Oaktree Capital on Thursday that will see the American investment fund purchase a minority stake in the Serie A club and give the newly-crowned Italian champion a much-needed loan.
Inter did not provide details of the deal but will reportedly receive a cash injection of 275 million euros ($336 million), with a majority of that in the form of a loan. In return, Inter's Chinese owners will give Oaktree a 31% stake in the club.
“With this financing, the shareholders will continue to sustain Inter, with the objective of overcoming the difficulties and opportunities lost during the COVID period,” Inter said in a statement.
Inter won its first Serie A title in 11 years this month but its finances were hit badly by the coronavirus pandemic, as well as the club’s early elimination from European football.
Inter’s owner, retail giant Suning, is also struggling because of the impact of the pandemic and has halted operations at its Chinese football club.
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