Wednesday, December 8 2021

MILAN (AP) — Inter Milan reported a record loss of 245.6 million euros ($285 million) for the 2020-21 financial year on Thursday, the highest ever for a Serie A club.

Inter won its first Serie A title in 11 years last season but its finances were hit badly by the coronavirus pandemic, as well as the club’s early elimination from European football.

It attributed its significant losses mainly “due to the complete lack of matchday income” because of shuttered stadiums, despite revenue of 364.7 million euros ($423 million).

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

That policy saw coach Antonio Conte leave, reportedly because he was unhappy that he would not be able to build on his title-winning squad, and Inter sell two of its top players in Romelu Lukaku and Achraf Hakimi.

Inter’s owner, retail giant Suning, is also struggling because of the impact of the pandemic and halted operations at its Chinese football club.

But Inter remains positive for the upcoming season.

“The current season offers signs of recovery: Besides the partial reopening of stadiums, the positive summer transfer campaign and the signing of new global sponsorship contracts bear witness to the Inter brand’s constantly growing appeal,” the club said.

“These actions will make it possible to significantly reduce the group’s losses.”

Inter also secured a financing deal with Oaktree Capital in May that saw the American investment fund purchase a minority stake in the Serie A club and give the Nerazzurri a much-needed loan.

The deal reportedly entailed a cash injection of 275 million euros ($336 million), with a majority of that in the form of a loan.

Simone Inzaghi replaced Conte as coach. Inter lies second in the Italian league after six matches and has yet to lose.


More AP soccer: and


Giants use rare small-ball rally to clinch SF-era record for wins


Vaccinated vs. unvaccinated players just one of big storylines entering NBA training camp

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

Pro Sports Media

Trending Now

Chauncey Billups says he’s not interested in Trail Blazers GM job

Chauncey Billups has interviewed for high-level front office positions before but has now settled in as the Trail Blazers coach. The Trail Blazers fired general manager Neil Olshey this week and have opened the door for a new GM search. Would Billups want the job? He politely said no thanks when asked about it. Chauncey […]

Read More

NBA Twitter reacts to James Bouknight’s monstrous putback slam

Charlotte Hornets rookie James Bouknight produced a career performance on Monday and also threw down a monstrous putback slam dunk that had social media talking afterward. Bouknight finished with 11 points, five rebounds and one assist in 22 minutes of action in the 127-124 overtime loss to the Philadelphia 76ers. He registered seven points alone […]

Read More

Kenyan Drake’s lower-body tackle | Last Call | Week 13

Kenyan Drake’s lower-body tackle ‘ Last Call ‘ Week 13 | FOX Sports Mike Pereira and Dean Blandino respond to Las Vegas Raiders RB Kenyan Drake’s issue with a certain type of lower body tackle vs. the Washington Football Team. 3 HOURS AGO・NFL・4:26 top NFL videos Source: FOX Sports

Read More