Finnish entrepreneur Thomas Zilliacus wants to buy Inter Milan from club's new owner Oaktree

By James Rogers

Zilliacus has shifted his attention to Inter Milan after his unsuccessful bid for Manchester United last year

Finnish entrepreneur Thomas Zilliacus wants to buy Inter Milan from the Italian soccer giant's new owners Oaktree Capital Management - less than a week after the American company took ownership as a result of a defaulted debt.

Zilliacus stepped into the spotlight last year when he entered the Manchester United takeover race with a surprise and ultimately unsuccessful bid for the storied English club.

Now he has his sights set on Inter Milan, which changed hands on Wednesday. Oaktree's ownership ownership of Inter Milan came after the club failed to repay a EUR395 million ($428 million) loan. The Serie-A club - part of one of the top soccer leagues in the world - was owned by Chinese retailer Suning (CN:002024), which bought a majority stake in 2016.

Zilliacus told MarketWatch that he switched his attention to Inter Milan when he realized that his Manchester United bid "wasn't going anywhere," and has made two bids for the Italian club in the last 12 months.

Related: Oaktree says it's now the owner of Inter Milan after famed Italian soccer club failed to repay loan

But with the club's ownership shifting to Oaktree, Zilliacus is planning a new bid. "We're waiting for official confirmation that everything has been completed and that Oaktree is now in charge," he said. "At that point, we will proceed."

Inter Milan has a valuation of around EUR1 billion ($1.08 billion), according to the entrepreneur.

Zilliacus said wants to create an ownership structure similar to "some of the biggest clubs in the world," citing the fan-based ownership structures at European giants Real Madrid and Bayern Munich.

Zilliacus wants to harness his fan-services company Champions Circle in the bid. "I am now looking at the possibility of channeling part of these revenues into a fund that would be involved in a possible bid for the club," he said. "It would be a combined bid by my investment company, XXI Century Capital, and Champions Circle."

"Fans would become a shareholder in the fund that becomes a co-owner in the club," Zilliacus added. "You look at the four teams that were in the semifinals of the Champions League this year, three of them were fan-owned." Real Madrid and Bayern Munich were joined in this season's Champions League semifinals by majority fan-owned Borussia Dortmund.

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Supporters were also a feature of Zilliacus' Manchester United bid. His plan for the English club included a mechanism that would enable fans to make an investment and vote to decide soccer-based matters related to the famous club.

"To me, the club is equal to the fans, if there is no fans, there is no club," he said. "I want to have a dialogue with the fans."

Zilliacus told MarketWatch that he lives in Italy "45 minutes from [Inter's] San Siro [stadium]" for part of the year.

Related: Manchester United's stock rises after Jim Ratcliffe clinches 25% stake and vows to return club to soccer's pinnacle

Oaktree provided rescue financing to Inter Milan in May 2021 when the club was forecasting record financial losses. While Inter Milan has faced financial challenges in recent years, the club has enjoyed significant on-field success. Last month Inter, known as the "Nerazzurri" or "the black and blue and blues," won their 20th "scudetto," or league championship.

"We are committed to the long-term success of the Nerazzurri and believe our ambitions for the Club are united with those of its passionate fans in Italy and around the world," Alejandro Cano, managing director and co-head of Europe for Oaktree's Global Opportunities strategy, wrote in a statement. "Our initial focus is operational and financial stability," he added.

Oaktree declined to comment on Zilliacus' planned bid.

Related: Hedge-fund billionaire Leon Cooperman takes Manchester United stake

Zilliacus is the founder of social-media organization novaM Group and is the former global head of corporate marketing, PR and brand building at Nokia Corp. He is also the former chairman of Finnish soccer club HJK and former co-owner of the hockey team Jockerit.

Earlier this year, Reuters reported that police in Singapore had issued an arrest warrant for Zilliacus over his alleged involvement in the release of "misleading statements" in the financial reports of Singaporean e-commerce company Yuuzoo, where he served as executive chairman until 2017.

Zilliacus told MarketWatch that the issue relates to the valuation of startup shares owned by Yuuzoo. "The valuation was done using a formula designed by Deloitte for the company," he said. "The stock exchange feels they were overvalued. I feel differently."

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"I was asked to come to Singapore to clear it up," Zilliacus added. "My doctors did not allow me to fly long-distance due to a medical issue, which resulted in the Singapore police issuing an arrest warrant. I have not been charged with anything and will fly to Singapore as soon as my doctors give permission to clear it up."

-James Rogers

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05-25-24 0721ET

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