Inter Milan are targeting a balanced budget for as early as the 2024-25 fiscal year under new owners Oaktree Capital.
This according to today’s print edition of Rome-based newspaper La Repubblica, via FCInterNews.
In recent years, Inter have fallen into something of a financial hole. Losses have mounted, virtually year on year.
But it was the start of the COVID-19 pandemic that really pushed the Nerazzurri over the edge in this respect.
In the fiscal year ending June 2021, with significant losses of revenues due to the pandemic and ensuing lockdowns, Inter posted a gargantuan total of €246 million in losses.
That meant that the Nerazzurri had no alternative but to take drastic measure.
The summer of 2021 saw Inter sell the likes of Achraf Hakimi and Romelu Lukaku for massive transfer fees.
That was to be the most eye-catching example of Inter’s ambitious efforts to improve the finances. But even since then, the club has been far from free-spending in the transfer market.
Last summer, for example, the Nerazzurri only spent as much cash on new signings as they brought in from sales. This summer is expected to be similar.
And the club have also slashed the wage budget over the past few years.
Inter Milan Targeting Balanced Budget For 2024-25 Fiscal Year
The result of Inter’s financial efforts has been that the losses have been reduced with each passing fiscal year.
In the fiscal year ending in June 2022, the club posted losses of €140 million.
Then in the most recent set of accounts, for the fiscal year ending in June 2023, Inter recorded losses of €85 million.
When the Nerazzurri confirm the accounts for the fiscal year concluding at the end of this month, losses of around €50 million are expected.
That paints a picture of a financial situation that is certainly far less dire than it was three years ago.
But in the meantime, Inter have come under new ownership.
US-based fund Oaktree Capital recently repossessed the shares of former owners Suning. Oaktree confirmed a new board of directors at the club yesterday.
And Oaktree are ready to set ambitious financial goals.
The fund are aiming to increase revenues, while maintaining sustainable spending in line with what Inter have done in the past couple years under Suning.
Through this, Oaktree don’t just want to reduce the losses.
The new Inter owners have even set the ambitious target of a completely balanced budget for the 2024-25 fiscal year, their first full fiscal year in charge of the club.
