China’s Steven Zhang failed to repay Oaktree’s €386 million loan and so ownership of Inter has passed to the American fund. Oaktree is the largest investor of distressed securities or alternative assets in the world and is one of the largest credit investors. As of 2019, 62% of Oaktree’s shares are held by Brookfleid Corporation, a Canadian company specializing in the same sector. As of Tuesday, May 21, Inter is one of these “alternative” assets, meaning outside the three traditional classes such as stocks, bonds and cash. Oaktree’s clients include more than 100 pension plans, more than 275 endowments and foundations, more than 10 sovereign wealth funds, and more than 500 companies. Inter enters a full-bodied portfolio in which sports is present: as of 2020 there is 100% ownership of Caen; plus one of the co-founders, Steven Kaplan, is co-owner of Swansea and a shareholder of the NBA’s Memphis Grizzlies while another, Bruce Karsh, is a minority shareholder and on the board of the GS Warriors. Oaktree can now start the procedure for enforcing the 99.6% stake in Inter. An appraiser will have to establish the fair market value of the club and from that subtract the value of the loan including interest and liability, so that Oaktree can be told how much of the loan is left to guarantee to Zhang. Then the court in Luxembourg will take 3 to 7 working days for the paperwork. The same court in 2018 had conducted the transfer of 99.93% of Milan from the insolvent Yonghong Li to Elliott, a situation that has been compared to Zhang-Oaktree.