Oaktree's Inter Milan Takeover Wipes Out Ex-Billionaire's Wealth.

Oaktree Capital Management's takeover of Inter Milan has resulted in the former Chinese boss, Zhang Jindong, losing almost all of his wealth. Zhang, who was worth $6 billion when he acquired the majority stake in the Italian football club in 2016, had ambitious plans to raise the profile of Suning Holdings Group Co. and expand globally. However, Suning defaulted on a significant debt to Oaktree, leading to the investment firm taking over Inter Milan and wiping out Zhang's fortune. Zhang's wealth had previously peaked at over $11 billion, but his empire faced challenges due to mounting competition and a slowing Chinese economy. [Extracted from the article]