Inter Milan’s value fell by 75% prior to Oaktree takeover

Serie A club Inter Milan’s value “collapsed” by 75% before asset management firm Oaktree Capital seized control of the club from its Chinese owners last year, according to Healy & Agnew of the FINANCIAL TIMES. Delayed accounts for 2022 show that Inter Milan’s former owner, Chinese retailer Suning, “slashed the value” of a 68.55% stake from $639M (all figures U.S.) to $161M as it “struggled to keep hold of the club.” The accounts “underscore the depth of the financial difficulties facing one of the world’s most famous clubs.” The write-down put the value of Inter’s equity at just $234M -- a “little more than half” of the $436M Suning owed Oaktree when the credit powerhouse took control in 2024. Accounts for 2023 “show no change to the valuation.” The club has since “narrowed its losses” to $39M for the latest financial year. But the loan carried an annual interest rate of more than 12%, and, by the time Oaktree took control of the club, the “amount outstanding had increased” to almost $436M. The rising debt “made it more complex to find bidders to buy out Suning.” An attempt by Suning to refinance the club’s debt with Pimco “also failed” (FINANCIAL TIMES, 3/19).