From Los Angeles to Milan’s black-and-blue via Nanjing. Oaktree took the long way around to acquire Inter Milan, following a chain of events closely tied to Steven Zhang and Suning.

When the American investment giant took control of Inter in 2024, it was not through a conventional sale, with negotiations leading to an offer and a purchase. Instead, it was the result of a deal that reflected the strategy behind the rapid growth of the Los Angeles-based asset manager.

In May 2021, Suning was forced to borrow €275 million from Oaktree to weather the global crisis caused by the pandemic and Chinese government restrictions on capital leaving the country. It marked the beginning of the end of Zhang’s era at Inter.

Over the next three years, interest pushed the debt above €400 million, with Suning unable to repay it even as the team returned to winning ways in Italy and came within reach of the Champions League title. When Suning sought to renegotiate the repayment plan, Oaktree instead moved to enforce the pledge securing the loan, giving it full control of Inter.

The transition at the management level was relatively smooth. The club’s project continued with an emphasis on continuity, including the promotion of Beppe Marotta from Chief Executive to President, a position he still holds today.

The man who might be expected to serve as Oaktree’s public face — Howard Marks — has, in fact, remained largely out of the San Siro spotlight. If millions of Inter fans were surveyed today about who is behind the name “Oaktree” at the club, close to 100% would answer “I don’t know”.

Those were different times under Angelo and Massimo Moratti, Ernesto Pellegrini, and even the more controversial tenures of Erick Thohir and Zhang. The owners were easily identifiable.

In any case, Oaktree is the club’s owner. Alongside Marotta is another longtime executive, Alessandro Antonello, who serves as CEO overseeing financial operations. Oaktree’s representatives on Inter’s Bboard are Alejandro Cano, Katherine Ralph, Renato Meduri and Delphine Annan.

Meanwhile, in addition to the results on the field, the Oaktree era is also producing positive numbers off it. Inter has posted a second consecutive annual profit, with net income of €22.7 million, while revenue reached €518 million, the second-highest figure in the club’s history.

The Oaktree formula is working — even from a distance.