Inter lose €245m in Serie A winning season. Cost of Covid counted at €110m

October 28 – Inter Milan have formally reported losses of losses of €245.6 million for the covid-impacted 2020/21 season on revenues of €364.7 million.

The club said that the covid was responsible for about €110 million of the losses with €70 million lost due to stadium closure during the pandemic and the loss of any matchday revenue. The club said a further €40 million was lost through a reduction in sponsorship contracts and attributed a further €30 million loss “to the termination of sportingcontracts”.

The club’s resident Steven Zhang, speaking from Nanjing, emphasised the importance of the team’s league winning performance of last season, the club’s 19th title and the first for 11 years, and that the club’s priority is to maintain title winning competitiveness alongside financial security in what are still challenging economic times.

“We have come a long way since we took over in 2016: Inter has become a global, successful, innovative club connected with the new generations around the world. Our work and commitment are shown in the result, the Club is back to win with a clearly defined vision. Within the extraordinary economic and social context created by the pandemic, the club’s financial stability and sustainability and keeping the team challenging at the highest level are the focal pointsof our strategy,” said Zhang.

Looking at the club’s economic performance going forward, CEO Alessandro Antonello, said that the rebranding was key to building a global presence but that there had been cost control measures implemented as they look forward to the build of the new stadium and the increased revenue opportunities that will bring.

“In 2021 we revealed our new logo and new visual identity to the world. Our global appeal has been further confirmed by the arrival of three new sponsors for our shirt, which this season is worth more than ever before. The club quickly undertook actions to adapt its business and rebalance the financial effects caused by the Covid-19 pandemic, focusingon monitoring costs while continuing to invest appropriate resources to develop the club,” said Antonello.

“The new stadium will be crucial to provide the club with the financial resources needed to compete on a level playing field with the biggest European clubs and to offer our fans a cutting-edge entertainment experience.”

CEO Sport, Giuseppe Marotta, said the challenge on the playing side was to keep costs under control but remain competitive. “Last season was the culmination of the excellent work we carried out. Winning a 19th Scudetto is reward for our owners’ strategic vision, passion and commitment to supporting us at all times. This year we have set ourselvesthe dual target of reducing costs while remaining competitive on the pitch,” said Marotta.

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