Inter’s financing deal between Suning and Oaktree Capital could eventually lead to a change of ownership, according to a report in the Italian media today.

As per Corriere dello Sport’s print edition, Oaktree Capital are specialists in ‘Loan & Own’ deals and their aim therefore is to take control of the club in the long term.

The Los Angeles-based private equity fund are already one of the main underwriters of the bonds issued to Suning for Inter, worth a combined €375 million.

What’s more, they will have the power to veto any operations carried out at Inter which exceed a certain value, giving them a certain degree of influence over Suning’s decisions.

One of the biggest questions over Oaktree Capital’s €275 million deal with Suning, the Rome-based paper explained, is how much of that money will be put towards buying out LionRock Capital’s shares in Inter.

The Hong Kong-based fund have a 31.05% stake worth €166 million, but €133 million was loaned to them from Suning when they joined Inter in the first place.

If Oaktree Capital only needed to use €33 million to liquidate their shares, this would mean they could put the rest of that €275 million towards other needs at Inter.

CdS said they were certainly unlikely to use up €166 million just to replace LionRock Capital, as that would mean giving Inter an overall valuation of €900 million including debts.

Oaktree Capital have received Suning’s 68.55% stake at Inter as collateral in the parties’ deal, meaning they would become the Nerazzurri’s new owners if Suning failed to repay the money within three years.

This would be a repeat of what happened at AC Milan in 2018, the report explained, when Yonghong Li defaulted on a loan and lost control of the club to Elliott Management.