Oaktree Capital are pushing for a fully balanced budget at Inter Milan as soon as the end of the fiscal year currently ongoing.
This according to today’s print edition of Turin-based newspaper Tuttosport, via FCInterNews.
Over the past few years, Inter have managed to sharply decrease their losses.
The Nerazzurri had started to suffer significant losses in the wake of the COVID-19 pandemic beginning in 2020.
Under previous owners Suning, Inter had to take drastic measures to curb these losses.
This included a number of high profile player sales for large transfer fees.
Subsequently, behind the scenes, the Nerazzurri have been working diligently to increase commercial revenues.
In May of this year, US fund Oaktree Capital took over as Inter owners from Suning.
Oaktree took over after Suning defaulted on a massive loan that they had taken on from the fund in the spring of 2021. That loan had been to cover operating expenses in the wake of the pandemic-related financial crisis.
But the overall plan has not changed. Inter’s priority has been to get closer and closer to a balanced budget.
Oaktree Capital Targeting Balanced Budget At Inter Milan For 2024-25 Fiscal Year
In each fiscal year since the low point of 2020-21, Inter have managed to reduce the losses.
The losses in the fiscal year ending in June of 2021 were a whopping €245 million.
The following fiscal year, these went down to €140 million.
Then in the fiscal year ending in June 2023 Inter recorded losses of €85 million.
And in the most recent set of accounts – technically, the first with Oaktree as owners even if the fund only took over at the tail end of the fiscal year – Inter reduced losses to €36 million.
That made for a drop of almost €50 million in terms of the amount of the losses.
Therefore, the trend is towards a balanced budget.
There is hardly a guarantee that Inter will achieve that as soon as the end of the ongoing fiscal year.
But Oaktree are confident and financially ambitious. They have set that as the target.