Why Is Inter Milan in Debt? Inside the Financial Crisis and Oaktree Takeover

Inter Milan’s recent success creates an apparent contradiction.

The club have won Serie A titles, reached Champions League finals and reported record revenue. Yet Inter continue to carry hundreds of millions of euros in financial obligations.

So why is Inter Milan in debt?

The answer begins long before Oaktree became the club’s owner. Inter recorded major losses across several seasons while maintaining a squad expensive enough to compete domestically and in Europe.

COVID-19 then removed matchday revenue and weakened commercial income. At the same time, former owner Suning became less able to support the club with fresh capital.

In 2021, Oaktree provided a €275 million financing package to the company through which Suning controlled Inter. Interest increased the obligation to around €395 million. When Suning failed to repay the loan in 2024, Oaktree took control of the club.

This ownership loan should not be confused with Inter’s own bond debt.

The club had also issued €415 million of senior secured notes carrying a 6.75% coupon. In 2025, that expensive bond was replaced by a €350 million refinancing arrangement maturing in 2030.

The refinancing did not eliminate Inter’s debt. It made the debt cheaper, smaller and easier to manage.

Inter have since returned to profit and generated record revenue, but years of losses cannot be repaired in a single season.

The full analysis examines Inter’s debt, ownership structure, player-trading model, commercial revenue and the potential financial importance of a new stadium.

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**Why is Inter Milan in debt?**

Suggested Medium tags: Inter Milan, Football Finance, Serie A, Sports Business, Football Economics