(Bloomberg) -- Oaktree Capital Management has injected €47 million ($53 million) of new equity into FC Internazionale Milano SpA after taking over the football club in May.
The move boosts Inter Milan’s equity reserves with €44 million in cash and €3 million of converted shareholder loans, according to a statement by the club on Wednesday.
The US investment firm seized control of Inter Milan after the previous owner, China’s Suning Holding Group Co, defaulted on a loan from Oaktree.
Inter Milan has grappled with losses for years, but a cost-cutting push, new commercial partnerships and victory in the Italian football league last season have improved its finances.
Losses shrank to €36 million for the year ending June 30, compared with an €85 million loss the previous year, the club said, citing its draft financial statement. This reduction was partly due to an increase in revenue thanks to the club’s strong showing on the pitch, it said.
The financial statements will be submitted for approval at a shareholders meeting due at the end of October, the statement said.
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