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Maples Group Acts as Cayman Islands Counsel on the Transfer of Ownership of Inter Milan Football Club to Oaktree

03 Jun 2024

Maples and Calder, the Maples Group's law firm ("Maples"), provided Cayman Islands counsel to Oaktree Capital Management (intl) Limited and its affiliate entities ("Oaktree") on the transfer of ownership of Italian football club, F.C. Internazionale Milano S.p.A. ("Inter Milan") to Oaktree. 
Following the non-payment of approximately Euro 395 million due under Inter Milan's loan arrangements with Oaktree, the transfer of ownership was achieved by way of enforcement of security over Inter Milan's Luxembourg holding chain (which holds approximately 2/3 of the shares in Inter Milan) and a sale of the shares by receivers in a Cayman holding company (which indirectly holds approximately 1/3 of the shares in Inter Milan). 
Maples advised Oaktree on all Cayman Islands law aspects of the transfer of ownership (including the enforcement of the Cayman Islands law governed security, the appointment of receivers over the shares in the Cayman Islands holding company and the sale of those shares) with a specialist team of lawyers from the firm's Dispute Resolution & Insolvency, Corporate and Finance practices involved in the matter. Global co-head of the dispute resolution and insolvency group James Eldridge led the team with Dispute Resolution, Insolvency and Finance partner Nick Herrod, Corporate partner Suzanne Correy and associates Luke Armitage, Olivia Sutherland and Matthew St Amour completing the Maples team.
In this complex multi-jurisdictional matter, the team worked closely with Milbank (who acted as lead international counsel to Oaktree) A&O Shearman in Luxembourg and Hong Kong and PedersoliGattai in Italy.

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