Oaktree’s Inter Milan Takeover Wipes Out Ex-Billionaire’s Wealth
- Zhang Jindong’s net worth surpassed $11 billion at its peak
- His wealth sank as Suning sales plunged and investments failed
Zhang Jindong attends the Serie A match between FC Internazionale and ACF Fiorentina in Milan, Italy, in 2016.
Photographer: Claudio Villa/Inter/FC Internazionale/Getty ImagesOaktree Capital Management’s takeover of Inter Milan has left its former Chinese boss with a net worth close to zero, the final blow in the collapse of the onetime billionaire’s sprawling empire.
Zhang Jindong was worth about $6 billion when he bought almost 70% of the Italian football club in 2016. His company, Suning Holdings Group Co., lacked the name recognition of Jack Ma’s Alibaba Group Holding Ltd. or Hui Ka Yan’s China Evergrande Group, but Zhang was close to both founders and no less ambitious.