A year after being seized by its main creditor Oaktree Capital, Inter Milan has begun to look less like a distressed asset and more like a financial project in transition. The Nerazzurri may have lost the last Champions League final to Paris Saint-Germain, but their return to Europe’s biggest stage, and a new €350mn refinancing deal that replaces costly debt, has underlined that this is a club being reshaped as much in the boardroom as on the pitch.
From Suning’s collapse to Oaktree’s takeover
Inter’s path to Oaktree began with Suning, the Chinese conglomerate that acquired the club in 2016 with promises of globalisation and spending power. Those promises evaporated as China’s capital controls tightened and Suning’s own finances spiralled. By 2021, the group had borrowed €275mn from Oaktree, secured against Inter’s shares. When Suning failed to repay the loan this past year, the Los Angeles-based investor exercised its rights and became the majority owner.
Unlike sovereign wealth funds or family owners, Oaktree’s mandate is not passion but returns. It inherited a club with prestige, trophies, and fans worldwide, but also one of the most fragile balance sheets in European football.
The Refinancing Pivot
A year later, the real headline around Inter Milan is not just what happens on the pitch, but what’s happening on the balance sheet. Last year the club made an important decision: it would repay early its €415 million bond. That bond had been launched in January 2022, carried a heavy 6.75% annual interest rate, and was not due until February 2027. Inter scheduled the payoff for June 26, 2025, but only on the condition that new financing could be secured first. The bond itself wasn’t directly on the club’s books; it sat with Inter’s media company, the special-purpose entity where all of the team’s TV rights and sponsorship revenues are funneled.
On June 26, 2025, Inter followed through. The media company completed a €350 million private placement in the United States, issuing senior secured notes that will mature in 2030. In simpler terms, they swapped one pile of expensive debt for a slightly smaller, longer-term loan at better conditions. The club described this move as not just refinancing, but restructuring: a way to build a cheaper and more sustainable “capital stack” compared with the burden of the old bond. Importantly, as part of this transaction, both Inter Media & Communication S.p.A. and the parent club F.C. Internazionale Milano S.p.A. were awarded an investment-grade credit rating — a milestone that suggests lenders now view Inter as a more stable borrower.
Regulatory filings confirm what Inter had promised: the old 6.75% bond has been fully redeemed and retired. In practice, this means lower interest payments going forward and less financial pressure on the club. For Oaktree, Inter’s new U.S. owners, it was a key step: first stabilizing the finances, now starting to reshape them for the long term.
Profit & Loss Reality Check
On the P&L, Inter entered the Oaktree era with a 2023/24 club-record turnover of €473m and a sharply reduced loss of €36m (about a €50m improvement year-on-year). The club also disclosed a €47m capital injection post-season by the new majority shareholder (Oaktree), €44m fresh funds plus €3m via loan conversion.
Those numbers underscore the core problem: despite on-pitch competitiveness and growing revenues, Inter is still loss-making, and the margin of error under UEFA’s cost-control rules is thin. The debt reshuffle buys breathing space; it does not, by itself, create profitability!
The Stadium Question
The biggest game-changer for Inter’s future isn’t player transfers or TV deals, it’s infrastructure. Right now, the club’s long-time home at San Siro limits how much money they can make on matchdays and from other events, especially when compared to modern stadiums owned and operated by a single club. RedBird, which owns AC Milan, has been vocal about pushing for a brand-new stadium, and over the years both clubs have explored options… sometimes together, sometimes separately.
The politics and bureaucracy around this are messy, with endless debates and hurdles around permits and planning. But from Oaktree’s point of view, the calculation is simple: building a modern stadium is the most direct way to unlock a big jump in revenue and boost the eventual value of the club if and when they decide to sell. For now, the authorities and the two clubs are still going back and forth over whether to renovate the San Siro or build something entirely new. As of today, there’s no approved, shovel-ready project in place.
What the Refinancing Shows the Market
Credit signal: Getting an investment-grade rating for Inter’s media and club entities is a big deal. It’s unusual for a Serie A media-cashflow vehicle and makes it easier for the club to raise money in the future, especially for big projects like a new stadium.
Reduced refinancing risk: By swapping a 2027 bond for a 2030 private placement, Inter has pushed back its debt maturity. This reduces the pressure of paying off large sums in the near term and shows that the club can access credit markets when needed, a key factor if a stadium project moves forward.
Smaller loan, cheaper cost: Inter’s announcement highlighted that the new private placement has a lower total amount and a tighter cost of capital compared with the old bond. This matches what you would expect from paying off an old, higher-interest bond early in today’s interest-rate environment. (The actual interest rate for the new notes hasn’t been publicly disclosed.)
What Oaktree Might Do Next
Oaktree has three main options going forward, which are standard for private-market investors: sell the club, list it on the stock market, or keep it and earn cash returns over time. The closest local example is Elliott’s takeover of AC Milan. Elliott took control in 2018 after a debt default, cleaned up the club’s finances and governance, and sold it to RedBird in 2022 for €1.2 billion. That path shows how fixing the balance sheet, strengthening management, and creating a clear growth plan can turn a troubled club into a highly valuable asset.
For Inter, the steps Oaktree has already taken put the club in a similar position. They assumed ownership through Suning’s default in May 2024, have reduced losses (FY23/24), paid off the old bond in June 2025, and issued new 2030 notes. These moves set up the club for any of the exit strategies above. The biggest remaining factor is the stadium: whether they can secure a modern venue will likely determine how much the club is ultimately worth.
