Inter Milan losses top €246m for covid-hit season

October 1 – Serie A champions Inter Milan have posted a mammoth loss of €246 million for the 2020/21 financial year. 

“The entire 2020-2021 financial year was significantly affected by the socio-economic impact of the COVID-19 pandemic – both in Italy and worldwide – and the restrictive measures adopted to safeguard public health and production activities,” read a statement from Inter Milan.

“Within this context, consolidated revenues were €364.7m. The financial year recorded losses of €245.6m, most of which due to the complete lack of matchday income following the closure of stadiums (compared to 2020, when stadiums closed in early March), the reduction in sponsorship contracts as a result of the club being unable to provide benefits and the liquidation of sports contracts.”

Inter’s losses doubled from the previous book year, when the deficit was €102.4 million. Revenues also dropped to €364.7 million.

The club’s owners Suning have been struggling back home in China and they had to take out a €275 million loan from investment firm Oaktree.

“The club swiftly initiated a rebalancing policy with two primary aims: to ensure financial stability and to maintain a competitive team on the field,” continued the statement.

“Summer transfer operations generated a positive economic impact on the path towards sustainability. The signing of experienced international players and the return of talented academy products were part of the drive to maintain a high level of on-field performance.

“The club’s strategy is focused on monitoring costs, with the aim of quickly adapting the business to the changing context, while continuing to invest appropriate resources to develop the club. One major result was the significant increase in sponsorships value. The arrival of Socios.com  and DigitalBits as well as the upgrade of Lenovo’s positioning bear witness to the club’s constantly growing global appeal.”

The losses highlight the precarious finances of Italian elite football after Juventus announced losses of €210 million earlier this month.

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