Inter Milan have officially confirmed the club’s balance sheet for the fiscal year ending in June 2024 in the club’s shareholders meeting.
The club confirmed this in an official statement on their homepage. They hail an “increase in revenues” and a “big reduction in losses.”
However, the past few years have been turbulent ones for Inter on a financial level.
The Nerazzurri have suffered 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.
Therefore, 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. Corporate CEO Alessandro Antonello has been at the heart of these efforts.
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.
Inter Milan Shareholders Approve Balance Sheet For 2023-24 Fiscal Year
Inter confirm in a statement that “The FC Internazionale Milano SpA Shareholders Meeting approved the budget for the 2023-24 fiscal year, at the end of the meeting held electronically today in the presence of the President Giuseppe Marotta and the Corporate CEO Alessandro Antonello.”
The club’s statement continues that “The Board of Statutory Auditors of FC Internazionale Milano SpA., which has expired, has been appointed in a new formulation for the three-year period 2024-2027.”
Inter’s statement stresses that “There has been a further sharp reduction in losses compared to the 2022-23 fiscal year.”
“There has been a drop from €85 million to €36 million in losses. A decrease of approximately €50 million.”
“This decrease is, on the one hand, the result of an increase in revenues of approximately €48 million, to a total of €473 million,” Inter’s statement continues.
“Due to the results of the team on a sporting level, which led to an increase in commercial revenues.”
“At the same time, production costs remain virtually stable compared to the previous year, totalling €464.5 million.”
“The direct consequence of these trends is a net increase in the value of production of €9 million.”
“Compared to a loss of €40 million in the previous fiscal year.”
