The owners of Inter Milan: From Moratti to Oaktree Capital Management

Few football clubs in the world have a history as rich, turbulent, and globally significant as Inter Milan. 

Over the decades, the Nerazzurri have been shaped not just by great players and managers, but by powerful owners whose ambitions and decisions defined eras of success and struggle. 

Since May 2024, Inter Milan has been owned by Oaktree Capital Management, an American asset management company that took control following financial troubles within the previous ownership group. 

Their arrival marks a new chapter for the club — one aiming for financial stability and continued competitiveness on the European stage.

Oaktree Capital Management Era (2024–Present)

In May 2024, Oaktree Capital Management officially became the new owner of Inter Milan after taking control from the Suning Group. 

The American firm assumed ownership when Suning failed to repay a €395 million loan, originally issued by Oaktree in 2021. This transition ended four years of Chinese ownership that had seen both immense success and deep financial strain.

Oaktree is a global investment management company based in Los Angeles, known for turning around distressed assets. 

Unlike prior owners, Oaktree’s focus is on long-term sustainability and financial balance rather than aggressive spending. 

The club’s leadership remains under Chairman Giuseppe Marotta, with Sporting Director Piero Ausilio continuing to oversee transfers and squad strategy — a sign of stability and continuity amid ownership change.

Under Oaktree’s early stewardship, Inter have continued their strong form on the pitch. 

The 2024–25 season began with optimism, as Simone Inzaghi’s side — fresh off winning the 2023–24 Serie A title — look to defend their crown and make another deep run in Europe.

But despite a strong start, the 2024–25 season ended in disappointment — showing that even for one of Italy’s greatest clubs, success and stability remain a delicate balance. 

While Oaktree are not expected to spend as lavishly as Suning once did, they have promised responsible investment to ensure the club remains among Italy’s elite.

Suning Group Era (2016–2024)

The Suning Group, led by Steven Zhang, purchased a majority stake in Inter Milan in 2016. Their era began with grand ambition: reviving Inter’s global profile, restoring success to the pitch, and competing financially with Europe’s top clubs. Initially, Suning backed the team heavily — investing in stars like Romelu Lukaku, Lautaro Martínez, and Achraf Hakimi.

This spending culminated in remarkable success:

• Serie A Champions (2020–21) under Antonio Conte — Inter’s first Scudetto in 11 years.
• Coppa Italia and Supercoppa Italiana titles (2022 & 2023).
• UEFA Champions League Final (2023) — narrowly losing to Manchester City.

However, by 2021, China’s changing financial regulations and Suning’s own corporate struggles led to severe cash-flow problems. The club was forced to sell key players (Lukaku, Hakimi, Onana) to stabilise its finances. Despite success on the pitch, the off-field issues made it impossible for Suning to sustain operations — paving the way for Oaktree’s eventual takeover.

Previous Ownership Eras

Erick Thohir Era (2013–2016)

Indonesian businessman Erick Thohir became Inter’s owner in 2013, purchasing a 70% stake from long-time president Massimo Moratti. Thohir aimed to modernise the club’s structure and global brand, especially across Asia. However, his tenure lacked significant on-pitch success and was more transitional — preparing the club financially for future investment. By 2016, he sold his majority share to Suning, retaining a minority stake for a short period.

Massimo Moratti Era (1995–2013)

Perhaps the most beloved of Inter’s modern owners, Massimo Moratti oversaw the club during its golden era. The son of former Inter president Angelo Moratti, Massimo’s passion was legendary. He invested heavily, signing stars like Ronaldo, Christian Vieri, Zlatan Ibrahimović, and Wesley Sneijder.

His greatest triumph came under José Mourinho, as Inter won the historic treble in 2009–10 — Serie A, Coppa Italia, and the UEFA Champions League — the first and only Italian club to achieve this feat. Despite immense spending, financial sustainability became a concern, prompting Moratti to sell to Thohir in 2013.

Achievements Under Different Owners

Expectations for 2025–26 Season

After finishing second to Napoli and suffering a heavy defeat to PSG in the Champions League final, expectations at Inter Milan for the 2025–26 season are both high and demanding.

Under Oaktree Capital Management, the mission remains clear — to reclaim the Serie A title and take that elusive final step toward European glory. This new chapter will be led by Christian Chivu, who has been promoted from Inter’s Primavera (youth) team following Simone Inzaghi’s move to the Middle East.

Chivu, a former Inter defender and Champions League winner from the 2010 treble side, brings both passion and a deep understanding of the club’s identity. With stars like Lautaro Martínez, Nicolò Barella, Marcus Thuram, and Hakan Çalhanoğlu, he inherits a squad capable of challenging on all fronts.

The priority this summer is to strengthen key positions while staying aligned with Oaktree’s strategy of financial responsibility. However, fans expect more than just stability — they want ambition. After coming so close to greatness, Inter supporters demand renewed hunger and investment to match the club’s storied tradition.

The challenge for Oaktree, Marotta, and Chivu is to find the right balance between discipline and desire, ensuring that Inter remain not only competitive, but poised to reclaim their place at the pinnacle of Italian and European football.

Conclusion

Inter Milan’s ownership history mirrors the club’s essence — ambitious, passionate, and ever-evolving. From Massimo Moratti’s romantic devotion to Suning’s bold globalisation and now Oaktree’s pragmatic stewardship, each era has shaped the Nerazzurri’s identity in a unique way.

As the Oaktree era begins, stability and sustainability have replaced glamour and risk. But one constant remains: Inter Milan’s drive to compete, to win, and to embody the pride of Milan. 

Whether this new chapter can match the heights of the past will depend on the delicate balance between finance and football — something Inter has always navigated with both heart and history.