Inter Milan's new U.S. owners promise financial stability

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Inter Milan's new US owners Oaktree on Monday vowed to "ensure financial stability" at the Italian champions after predecessors Suning defaulted on a debt worth hundreds of millions of euros.

Chinese conglomerate Suning and president Steven Zhang relinquished control of Inter to Oaktree on May 22 after officially being crowned Serie A champions for the 20th time.

"Today marks a new chapter in the partnership between Inter and Oaktree. As we assume ownership, we want to reiterate our commitment to the club's prosperity and success," US fund Oaktree, which manages $192 billion in assets, said on the club's website. 

"We are proud our financing helped support the club's successes over the past three years and look forward to working closely with the current management team to build on the momentum of the historic second star (for 20th Scudetto).

"For this reason, we are focused on ensuring operational and financial stability to help deliver consistent success to the club."

Inter became a powerful force after Suning acquired around 68 percent of the club in 2016, with seven trophies including two Serie A titles and two European finals.

But Oaktree took control after the non-repayment of a three-year loan of approximately 395 million euros ($428 million) to Inter Milan's holding companies.

Simone Inzaghi's team cruised to this year's championship, winning the Scudetto with a 19-point margin over second-placed AC Milan.