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US Fund Oaktree ‘Takes Over Ownership’ Of Inter Milan

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Inter Milan’s Argentine forward #10 Lautaro Martinez lifts the trophy with teammates during a ceremony for the Italian Champions following the Italian Serie A football match between Inter Milan and Lazio in Milan, on May 19, 2024. Inter celebrates his 20th Scudetto. (Photo by Marco BERTORELLO / AFP)

Inter Milan were taken over by US fund Oaktree on Wednesday after the Serie A champions’ outgoing owners Suning missed a deadline to repay a debt worth hundred of millions of euros.

In a statement, Oaktree announced they had “assumed control” of Inter after the non-repayment of a “three-year loan to Inter Milan’s holding companies that matured on 21 May 2024 with a total balance due of approximately 395 million euros ($428 million)”.

Chinese conglomerate Suning have relinquished control of Inter to Oaktree three days after the team were officially crowned Italian champions for the 20th time.

Suning borrowed 275 million euros at over 12 percent interest three years ago to pay staff and players as the Covid-19 pandemic ravaged the finances of clubs across Europe, putting up their controlling stake in the club as collateral.

“Oaktree is dedicated to achieving the best outcome for the long-term prosperity of Inter Milan, with an initial focus on operational and financial stability for the Club and its stakeholders,” Oaktree continued.

Inter became a powerful force at home and abroad after Suning acquired the club in 2016, with seven trophies including two Serie A titles and two European finals.

Simone Inzaghi’s team cruised to this year’s championship, winning the Scudetto with five matches remaining by beating AC Milan in a thrilling local derby.

Oaktree, which manages $192 billion in assets, said they are “committed to working closely with Inter Milan’s current management team, partners, the league and governing bodies to ensure the Club is positioned for success on and off the pitch”.

Inter ended up in the hands of Oaktree in a manner similar to the way another US fund, Elliott Management, took control of their local rivals Milan in 2018.

Elliott became Milan’s owners when Chinese businessman Li Yonghong was unable to repay a loan he had taken out when he bought the club from the late Silvio Berlusconi’s Fininvest the previous year.

 

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Oyo APC Demands Probe of N5.5bn Lekan Salami Stadium Renovation

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The Oyo State chapter of the All Progressives Congress has called on the Economic and Financial Crimes Commission and other anti-graft agencies to investigate the N5.5bn reportedly spent on the renovation of the Lekan Salami Stadium, Ibadan, by the administration of Governor Seyi Makinde.

The party made the call following the reported rejection of the stadium by the Confederation of African Football as a venue for Shooting Stars Sports Club’s continental campaign.

Shooting Stars secured qualification for continental football after about 28 years but will reportedly play its home matches in Abeokuta after the Ibadan stadium failed to meet CAF’s requirements.

In a statement made available to journalists in Ibadan on Tuesday, the Oyo APC Publicity Secretary, Olawale Sadare, described the development as disappointing and embarrassing to the state.

The party alleged that the CAF decision had raised questions about the quality of work carried out at the stadium and the funds reportedly committed to its renovation.

Sadare said the state government should explain why a facility said to have gulped N5.5bn could not secure approval to host a continental competition.

He said, “Everyone in the state should ask Governor Makinde to explain the circumstances surrounding the stadium’s failure to secure approval for the CAF Confederation Cup and provide details of the funds committed to its renovation and upgrading.”

The APC also criticised what it described as the alleged delivery of substandard projects by the Makinde administration, citing the recent erosion that reportedly damaged part of a road project in Bodija shortly after its commissioning.

The party said the stadium’s failure to host Shooting Stars’ continental fixtures was particularly unfortunate because the club’s return to African competition after nearly three decades should have provided Oyo State with an opportunity to showcase its sporting infrastructure to a wider African audience.

The APC therefore urged the EFCC and other relevant anti-graft agencies to investigate the award and execution of the stadium project, establish how the funds were spent and make anyone found culpable to face the law.

It also called on the state government to urgently address the deficiencies identified at the stadium and ensure that the facility is upgraded to meet international standards and capable of hosting major continental competitions in the future.

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UCL Final: ‘I hope last year’s loss to PSG still hurts’ – Wilshere messages Arsenal

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Wilshere messages Arsenal

Former Arsenal star, Jack Wilshere, has sent a message to the Gunners ahead of their UEFA Champions League final with Paris Saint-Germain.

Arsenal will take on the French Ligue 1 giants in the Champions League final this year in Budapest on Saturday evening.

Mikel Arteta’s side had lost 3-1 on aggregate against PSG in the Champions League semi-final stage last year.

Speaking on TNT Sports (via GOAL), Wilshere remembered Arsenal about their last year’s defeat to PSG and urged them to use it as a revenge to get a win against Luis Enrique’s side when both sides meet again this weekend.

“Now that the Premier League is over the line, I know that the Premier League was the one. I know that Mikel wanted that. I know that the boys wanted that,” Wilshere said.

“Now you have to go through some tough times and learn from it. I hope that the Champions League semi-final [PSG 3-1 Arsenal] last year hurt them enough that they can go on and use that [against PSG].

“I think when you are on the pitch, and you are playing against your direct opponent, you learn so much about them. And to face them next year, they will be better for that.”

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Ajibade: Super Falcons Eye World Dominance as Tinubu Rewards Team with Honours, Houses, Cash

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Captain of the Super Falcons, Rasheedat Ajibade, has said the team is determined to become the best women’s football team in the world.

Ajibade spoke yesterday at the Presidential Villa, Abuja, during a reception hosted by President Bola Ahmed Tinubu in honour of the Falcons following their victory at the 2024 Women’s Africa Cup of Nations (WAFCON) in Morocco.

The Nigerian ladies clinched their 10th continental title after a hard-fought campaign, further cementing their status as Africa’s most successful women’s team.

Ajibade, in an emotional speech, said the team’s goal goes beyond continental glory.

“We’re not content to rest on our laurels. Our vision is bold. We want to become the best women’s football team in the world,” the Atletico Madrid star said.

She described herself as “a proud daughter of Nigeria” and paid tribute to the dreams of young girls across the country who look up to the team.

“This victory is not just a trophy. It is a testament to the unyielding spirit of Nigeria. It is a celebration of every young girl in our villages, towns, and cities who dares to dream,” she said.

Ajibade, who spoke on behalf of the team, coaches, and technical crew, thanked the Federal Government for its support and appealed for continued investment in women’s football.

President Tinubu, in his address, conferred national honours of Officer of the Order of the Niger (OON) on all 24 players and the 11-member technical crew.

The President also approved the allocation of three-bedroom apartments to each team member under the Renewed Hope Housing Scheme and a cash reward of the naira equivalent of $100,000 for each player, while members of the technical team received $50,000 each.

He praised the Falcons for lifting the nation’s spirit and inspiring unity through their performance.

“You have inspired millions, especially young girls who now see proof that their dreams are valid and achievable,” Tinubu said.

“You have inspired me too. You represent the hope of today, tomorrow, and the day after. You ignited that hope. And we will continue to encourage you and the next generation.”

The President said the Falcons’ WAFCON victory was not just a sporting feat but a symbol of the courage, discipline and resilience that define Nigerians.

“Your victory represents more than a sporting accomplishment. It is a triumph of courage, determination, discipline, and consistency,” he said.

The reception was attended by top government officials, sports administrators, and stakeholders in the football community.

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