U.S. investment fund Oaktree Capital Management said it has become the new owner of Italian football club Inter Milan after its owner defaulted on a loan, according to international news agencies.

The U.S. fund has taken control of the club as of Wednesday after Inter Milan’s holding companies failed to repay a €395 million loan, Oaktree said in a statement.

Granted in 2021 to the Luxembourg-based vehicle through which Chinese conglomerate Suning controls Inter, the loan was guaranteed by the firm’s stake in Inter Milan.

Under such a scheme Oaktree had the potential 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,” said Oaktree’s Alejandro Cano.

Founded in 1908, Inter Milan is among the most famous clubs in Italian football, having won the league 20 times, and are home to top players including Lautaro Martinez and Nicolo Barella.

Suning bought a majority stake in the club in 2016 in one of the highest profile forays by a Chinese business into European football.