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Inter Milan have been taken over by US investment fund Oaktree after the Serie A champions' Chinese owners Suning missed a 395 million euro (£336.5m) debt repayment deadline.

Oaktree announced on Wednesday it has "assumed ownership" of Inter after Suning failed to repay a three-year loan that expired on 21 May.

Suning, which acquired the club in 2016, relinquishes control three days after Simone Inzaghi's Inter team lifted the Serie A trophy.

"As the new ownership group, we understand the great responsibility towards the community and the historical legacy of Inter," Oaktree managing director Alejandro Cano said in a statement.

"Our initial focus is operational and financial stability. We have great respect for Inter Milan's management team and look forward to working closely with them to provide strong leadership for the club."

Oaktree said it had provided Inter's holding companies with rescue capital in May 2021 to "stabilise the club's financial situation and enable it to continue operating, including to pay its players and employees".

On Saturday, in a letter to fans, Inter chairman Steven Zhang - the 32-year son of Suning's founder Zhang Jindong - said attempts to find an agreement with Oaktree had been unsuccessful.

Inter sealed their 20th Italian title with five games to spare when they defeated arch-rivals and nearest challengers AC Milan in April.