MILAN. It is the highest budget deficit ever for an Italian club. A record that a club would gladly do without. The negative record was established by Inter who closed the 2020-21 financial year with a ‘red’ of 245.6 million euros. This is 35.6 million more than Juventus, which reached -210. Another blow to the Chinese ownership of the Italian Champions. The note from the Nerazzurri club, following today’s board of directors, attributes this very heavy result to the “extraordinary context characterized by the effects of the pandemic”.
Revenues did not drop particularly compared to the 2019-20 season when Inter had closed with a loss of 102.4 million: from 372.4 they went to 364.7 million. But the losses exploded nonetheless. In the last year the amount of wages increased, the stadium revenues were completely eliminated and the paralysis of transfers from Chinese sponsors (now frozen) continued. In addition, the payment for the “liquidation of sports relationships” was added, in particular the severance pay of Antonio Conte.
Inter are confident in a reduction of the economic chasm for the budget that will close on 30 June 2022. There are three reasons that push towards a reversal of the trend. The reopening of the stadiums which, with a gradually increasing capacity, could lead to 40-45 million in box office revenues. An increase of 15 million with the three new jersey sponsorships. Socios.com, DigitalBits and Lenovo are worth a total of 30 million per season, double that of Pirelli. And the capital gains realized with the painful disposals of Hakimi and Lukaku which should bring about 95 million between the assets of the next report, considering the amortization value of the two players. These are operations that have deprived Inter of two champions, made necessary by the situation of financial difficulty of Suning. For this reason, it is not clear how it is possible to speak of a “positive summer transfer campaign” in the club’s press release, as if Inter were not primarily a football team.
Net of these elements, which can bring about 155 million relief in the 2021-22 budget, at least 90 million other losses remain that at the moment it is not easy to imagine who will be able to write off. Suning, which has long since turned off the taps, will not do it. Juventus approved a capital increase of 400 million, followed by an immediate payment of 75 million by Exor, to intervene on the Juventus maxi-liability. The Zhang family cannot do the same. The role of the Californian fund Oaktree Capital could become increasingly important. Certainly Inter is in a very difficult situation with a debt exposure of 375 million in bonds (plus 275 of the proprietary chain with Oaktee) and a balance sheet liability equal to 67% of turnover.