Spain in Focus as Oaktree Sets €20m-€40m Club Budget
Oaktree is exploring the acquisition of a football club abroad, with Spain the likeliest destination, as the fund behind Inter Milan looks to build a wider ownership network anchored around Viale della Liberazione.
According to TuttoMercatoWeb, the American fund’s intention emerged only the previous day, with a working budget set between €20 million and €40 million. That range, deliberately wide, is designed to keep a broad set of possibilities open rather than lock Oaktree into a single valuation bracket.
No target club has been identified, and nothing suggests a deal is close to being finalised. The stated logic is strategic: a second club would allow for a more capillary scouting network, shared resources, and common talent-research tools, all while Oaktree continues shaping Inter’s transfer priorities at home. Diversifying investment in this way is also framed as a risk-reduction tool, letting know-how flow between environments.
Why Oaktree wants a wider galaxy
Multi-club ownership is hardly a novelty in Serie A. Roma have Everton and Cannes, Milan have Toulouse, Udinese have Watford, Bologna have Montreal, and Genoa have Rapid Bucharest.
For Inter, the appeal extends beyond replicating that model. Inter’s Under-23 side, currently competing in Serie C with promotion as the target, could gain a more defined structure and a clearer pathway to the first team, distinct from simply exporting Inter’s methodology to a club abroad. That infrastructure ambition echoes Oaktree’s broader investment at the club’s training facilities.
A Spanish base specifically could open doors on the recruitment side. The report notes frameworks like the Cotonou Agreement, which eases non-EU player registration for many African nationals in Spain, potentially letting Inter pursue and track players currently outside their reach given the club’s present dimensions. Any such move would sit alongside, not replace, the long-term planning already underway around Inter’s core first-team project.
