The United States-based investment fund Oaktree Capital Management said on Wednesday it has become the new owner of Serie A champions Inter after a missed $428m (£336m) payment from the club’s Chinese holding company, Suning. Granted in 2021 to the Luxembourg-based vehicle through which the Chinese conglomerate Suning controlled Inter, the loan was guaranteed by the firm’s stake in the club. Under the scheme, Oaktree had the right to take control of the club in the event of a default. “Our initial focus is operational and financial stability. We have great respect for Inter Milan’s management team,” Oaktree’s managing director, Alejandro Cano, said. Inter become the seventh Serie A club under American ownership. The others are Milan, Atalanta, Fiorentina, Roma, Genoa and newly promoted Parma. Founded in 1908, Inter are among the most famous clubs in Italian football, and have won the league 20 times. Suning bought a majority stake in the club in 2016 in one of the highest profile forays by a Chinese business into European football.