September 26 – Inter Milan are reporting an increase of €48 million in revenue to €473 million for the 2023/24 financial year. The club also saw debt fall by around €50 million from €85 million to €36 million.
The club said this due to the increase in revenue that was boosted by an emphatic Serie A title win, guaranteeing another year of Champions League football this season.
While revenue had increased, the club said ‘production costs’ had “remained stable at €464.5 million, resulting in a net improvement to production value of €9 million, compared to losses of €40 million in the previous financial year.”
It was a tumultuous year corporately for the club which saw the exit of Chinese owners Suning Holdings Group in May after it defaulted on a loan taken out three years ago.
Suning acquired a 68.7% stake in Inter in 2016 and, to support the club after the pandemic, in 2021 borrowed €275 million from Oaktree at 12% interest. The terms of the loan saw Oaktree take majority control of the club after Suning defaulted.
In its statement the club said: “In the first quarter of the 2024/25 financial year, the majority shareholder completed a recapitalisation operation totalling €47 million. The club’s equity reserves have been increased by €44 million through direct cash injections, with a further €3 million from the conversion of the final portion of shareholder loans.”
The club, in a message aimed at their fanbase, says that this demonstrates Oakwell’s commitment to financial stabilityand to supporting “the highest level of performance on and off the pitch”.
Looking ahead to the coming year the club highlighted “the acquisition of top-level players”, though most have been on loan deals, and two new major sponsorships with Bettson taking the short front and cryptocurrency exchange Gate.io the sleeve sponsorship.
The club’s accounts now go forward for approval at a shareholders’ meeting at the end of October.
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