As first reported on Wednesday, the California-based fund intends to acquire a club in a foreign league, most likely in Spain, with a budget of between €20m and €40m — a wide enough range to keep several possibilities open.
Multi-club ownership abroad is a strategy already employed by numerous other owners in Italian football. AS Roma have Everton and Cannes, Milan have Toulouse, Udinese have Watford, Bologna have Montreal and Genoa have Rapid Bucharest. Oaktree now want to broaden Inter Milan's horizons in the same way, a move that could also strengthen scouting networks, resource-sharing and talent identification across the group.
Diversifying investment in this way helps spread risk while allowing one environment's know-how to benefit the other — a virtuous process, if used well.
The plan would give Inter's Under-23 side in Serie C, still chasing promotion, a clearer structure to build around, potentially making better use of Italian scouting and creating a more direct pipeline into the first team. Establishing a genuine "B team" identity abroad, rather than simply copying Inter's methods and philosophy at home, is an entirely different proposition — and one that could also open the door to players Inter currently cannot sign or track domestically.
In Spain, for instance, the Cotonou agreement grants many African players terms equivalent to EU nationals, a regulatory quirk that could give Inter access to talent otherwise out of reach given the scale of their current project.
The model has plenty of precedent across European football. City Football Group controls Manchester City alongside Girona, Palermo and Troyes; Red Bull owns both Leipzig and Salzburg; and the BlueCo consortium uses Strasbourg to develop young Chelsea talent. Inter would not even be the first Italian club to try it, following Udinese's long-standing tie-up with Watford and the Krause Group's recent acquisition of Portuguese side Casa Pia to sit alongside Parma.
Reports in Italy suggest the project has already been given the go-ahead by new sporting director Dario Baccin, with Inter hoping to move quickly enough to have the new club in place in time for the 2027 summer transfer window.