Winning has a cost, and for Inter Milan their 19th Serie A title came at a record-breaking loss of €246 million for last season. In a statement issued by the Nerazzurri club it reported that, “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”
The statement went on to state, “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 Milan like Barcelona and other soccer leagues and clubs suffered huge losses during the COVID-19 pandemic but did not stop the Inter brass from coming up with tactics to create revenue for the club as they look for financial stability.
Inter Milan dealing with €246 million losses
Hakan Calhanoglu (Getty)
As a way to generate revenue for the club Inter Milan has teamed with Socios.com, a fan token platform to begin their search for financial stability. Along with this agreement the club had to do its own cost cutting, Antonio Conte left as manager, while the transfers of Achraf Hakimi and Romelu Lukaku could leave the club with €70 million and €115 million respectively.
“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…While stadiums are yet to return to full capacity, their partial reopening ensures the club can once again tap into what is an essential revenue stream. This action will enable us to significantly reduce the group’s losses for the 2021-22 season”, was also mentioned in the statement.
Inter Milan have company in regard to losses as Juventus also reported a record breaking €210 million losses from last season.
