The shadow of Qatar over the present and future of Inter: these are the increasingly persistent voices coming from different sources and all pointing in the same direction. It is about the entry as a minority shareholder in Oaktree, the American fund that currently owns the black and blue club, of Al Mirqab, a private wealth management company owned by Hamad bin Jassim Al Thani, better known by the initials HBJ. He is the former prime minister of Qatar and an important figure in the royal family.
The ultimate goal is not at all to buy Inter from Oaktree at this point, as the American fund considers the club a central asset and continues to retain full control over it. However, the fact that the Americans have not commented in the face of repeated rumors of Qatar's entry suggests that contacts may already be at an advanced stage, where even the slightest statement could be delicate.
To understand the importance of the operation from a purely financial point of view, if Al Mirqab were to become part of the shareholders of Inter, it could bring a very large amount of liquidity to the club. This would confirm the sheikh's interest in investing in Italy, where he is already present and where he has further strengthened his position through important operations. These include the purchase of 80% of the building at Via Monte Napoleone 8 in Milan, for around 1.1 billion euros, and then the purchase of Villa Certosa from the Berlusconi family.
Now attention is focused on Inter, where the possible entry of a powerful minority shareholder, such as the sheikh's HBJ fund, is seen as a plausible scenario to share the growth path that Oaktree has followed so far and that president Beppe Marotta also supported in his latest speech to shareholders, on the occasion of the approval of the balance sheet for the 2025-2026 financial year.
It is about increasing the value of all the black and blue assets, especially in view of the major project to build a stadium owned by the club, which will radically change Inter's financial prospects. Currently, the value of the club, including debt, is estimated at 1.5 billion euros, according to Forbes, to 2.1 billion euros, according to Football Benchmark.
Given that an operation of this magnitude is complex and may not be completed before 2027, this does not mean that it will have an immediate impact on the sporting front, with a very high-level winter transfer market or the prospect of multi-million euro investments in the next summer transfer session.
Like any other club, Inter are subject to strict UEFA rules on financial sustainability. For this reason, these resources cannot be used freely for extravagant purchases, as a balance must be maintained between sustainable operating income and the team's costs. Oaktree would remain the majority shareholder and continue to follow the strategy it has clearly defined: self-financing and careful wage management, targeting young players or low-cost acquisitions.
Of course, the presence of a sheikh among the shareholders could bring more flexibility in the transfer market. However, the bulk of the potential injection of money from Qatar into Inter's coffers would mainly go towards financing the first stages of construction and infrastructure of the new stadium owned by the club.
