Inter Milan owner Oaktree keen to copy Chelsea BlueCo multi-club model

Oaktree Capital Management, the global investment manager, is eyeing a strategy similar to Chelsea owner BlueCo's by potentially acquiring a sister club for Inter Milan. The firm has earmarked a budget of €25m-€40m (£20m-£35m) for this acquisition, which could take place in either Belgium, Portugal, or the second tier of Spanish football, according to Italian media reports.

This move would establish a multi-club network akin to BlueCo, utilizing the subsidiary team to develop players for the primary club and the broader business.

Belgium and Portugal are seen as attractive investment destinations due to their reputation for nurturing talent and maintaining a solid technical level. However, these clubs remain relatively affordable and have less stringent rules regarding the signing of non-EU players. This allows Oaktree to strategically position the acquired team for future use in meeting the requirements for Italian or English leagues.

Oaktree aims to have a sister club for Inter Milan in place by the end of the current season to plan for recruitment in the upcoming summer transfer window. This strategy represents the next phase in Oaktree's ownership of Inter Milan, which began in May 2024 following the club's previous owner's default on a debt of nearly €400m. During Oaktree's first season, Inter Milan secured a runner-up finish in Serie A and the Champions League, and achieved the domestic double the following year.

The move by Oaktree aligns with the growing trend of multi-club networks, which have proliferated over the past decade. There are now over 100 such groups worldwide, controlling nearly 400 teams. This phenomenon has been particularly pronounced in Europe, where 17% of all clubs and 80% of the Premier League have ownership links to other clubs. Manchester City's parent company, City Football Group, is the largest multi-club group, owning ten teams across Europe, the Americas, Asia, and Oceania.

While multi-club networks offer numerous benefits, such as talent development and financial flexibility, they can also present challenges. For instance, if multiple clubs owned by the same entity qualify for European competitions, it could lead to complications and conflicts.