Investment fund Oaktree Capital Management has taken ownership of Serie A champions Inter after a missed €395million payment from the club's majority shareholder.

Granted by Oaktree in 2021 to the Luxembourg-based vehicle through which Chinese conglomerate Suning 002024.SZ controlled Inter, the loan was guaranteed by a stake in the club.

That gave Oaktree, which specialises in providing rescue funding to struggling firms, the potential right to take control of the club in the event of a default.

"Oaktree is committed to working closely with Inter's current management team, partners, the league and governing bodies to ensure the club is positioned for success on and off the pitch," it said in a statement.

A person close to the matter said Oaktree, which has only limited previous involvement in sports franchises, was not planning to sell Inter immediately and was prepared to be a "patient investor."

The upheaval off the field contrasts with the club's success on it, with Inter having last month secured their 20th Serie A league title and the second under Suning's ownership.

There was no immediate comment from Suning, which bought a majority stake in the club in 2016 in one of the highest-profile forays by a Chinese business into European soccer.

Since then, Chinese authorities have imposed curbs over overseas spending in sport and Suning has been hit by the COVID-19 downturn.

That prompted Suning three years ago to get a €275m emergency financing package from Oaktree, which helped Inter to weather the pandemic crisis.

In a letter to fans published on the club's website on Saturday, Inter chairman Steven Zhang, the son of Suning's founder Zhang Jindong, warned the club's stability was at risk as attempts to find an agreement with Oaktree had failed.

Oaktree's move mirrors the takeover of Inter's rivals Milan by U.S. hedge fund Elliott Management in 2018.

Elliott took control of Milan after Chinese businessman Li Yonghong missed a payment to the club.

Inter Milan president Steven Zhang believes the club have established themselves among Europe’s elite again and is targeting a 20th Serie A title this season.

The Nerazzurri reached the final of the Champions League last season, losing 1-0 to Manchester City in Instanbul, finished third in the league and won the Coppa Italia and Italian Super Cup.

Simone Inzaghi’s side have started this season in fine form, sitting top of Serie A and unbeaten after three Champions League games.

“We are here to take stock of the 2022/23 season together,” Zhang said at Inter’s shareholders’ meeting.

“Obviously this takes us back to those thrilling nights that led us all the way to the Champions League final in Istanbul – Inter back at the top, starring on the most prestigious stage in the world.

“We came close to a feat that everyone deemed impossible, competing with the best in the world showing that our team can match any opponent.”

Zhang admits Italian clubs are facing challenges from abroad, including a new threat from the Saudi Pro League, but is confident that they are on the right path to achieve more success.

The 31-year-old also has his sights on adding a second star to the shirt by winning their 20th Scudetto – Italian clubs get one star for every 10 league titles they have won.

“This season we have also realised that our ambition does not stop here. The path we must take together lies before us,” Zhang added.

“Spring 2023 saw three Italian teams competing in European finals, giving rise to the ‘Calcio is Back!’ slogan. Italian football clubs have immense potential, and every effort is required to realise this.

“We are facing strong competition from old and new rivals alike. We have to deal with the sudden growth of the Saudi Pro League and at the same time manage financial competition with big European leagues, such as the English Premier League.

“I am proud to have steered Inter in a positive direction together with all our staff and players. Inter is now once again one of the top clubs in Europe representing of millions of people around the world.

“Winning is always our priority. We will fight to earn that second star for our fans and to enter into the history books of this club forever.”

Inter confirmed three-year contract extensions for key directors Giuseppe Marotta, Piero Ausilio and Dario Baccin on Friday.

Sporting chief executive Marotta, chief sport officer Ausilio and his deputy officer Baccin were set to see their previous deals expire at the end of the season.

The trio will continue to operate under president Steven Zhang until at least June 2025 after the technical team agreed fresh terms, having overseen a period of success on the pitch.

Inter secured their first Scudetto in 10 years last season as head coach Antonio Conte guided the Nerazzurri to a dominant Serie A title triumph.

His successor, Simone Inzaghi, has Inter second in Serie A this season, a point behind local rivals Milan, who have played a game more.

Reports in Italy suggest a new deal for midfielder Marcelo Brozovic could soon follow the announcements of new contracts for the three directors, with the Croatia midfielder set to sign new terms to keep him at the club until June 2026.

Inter next face Sassuolo in the league on Sunday as they look to step up their pursuit of leaders Milan.