Oaktree eyes €40m satellite club to expand Inter model

Oaktree is considering acquiring a second European football club as part of a multi-club strategy designed to strengthen Inter Milan’s player-development and recruitment operation.The Inter owner is understood to be assessing opportunities in Portugal, Belgium, the Netherlands, Switzerland and Spain, with an investment of around €30m–€40m being considered. No club has yet been selected and talks remain at an exploratory stage.The preferred target would be a relatively affordable club with scope to increase in value, ideally operating in a top division and with an established track record of identifying and developing young talent.Oaktree could seek to complete an acquisition during the current season, allowing the new club to become part of Inter’s recruitment structure in time for the summer 2027 transfer window.The strategy would give Inter an additional development stage between their Under-23 team and first-team squad, providing young players with senior football in another European market before potentially moving to Serie A.Different regulations covering the registration of non-EU players could also widen Inter’s recruitment pool, allowing the group to sign prospects who may be more difficult to bring directly into Italy.The approach follows multi-club structures already deployed by investors including City Football Group, Red Bull and Chelsea owner BlueCo, which uses Strasbourg as a second major football asset.Inter’s plans would initially be considerably smaller in scale, with the second club primarily serving as a player-development and asset-management platform rather than the foundation of a large global network.The investment would also indicate that Oaktree is taking a longer-term approach to Inter following its assumption of control in May 2024 after the club’s previous ownership failed to repay a loan worth approximately €395m.Oaktree has subsequently backed structural investments around the Italian club, including the creation of an Under-23 side and progress towards a new stadium project in Milan.A satellite club could add another layer to that strategy by giving Inter greater control over the pathway and market value of younger players.Portugal, Belgium and the Netherlands are particularly established as development and trading markets, with clubs regularly generating significant transfer income from selling players into Europe’s wealthiest leagues.An acquisition would therefore provide Oaktree with a standalone football asset capable of appreciating in value while also supporting Inter’s recruitment model.The search remains at an early stage, but completing a deal before the 2027-28 season would move Inter into the growing group of leading European clubs using cross-border ownership structures to manage talent and create additional transfer-market value.