Inter Milan released their financial statement for the 2020/21 season yesterday. The Italian club’s statement was frightening as they suffered a record loss of 245.6 million euros which is the highest ever loss for a Serie A club. Despite winning the Serie A last season and gaining revenue of 364.7 million, Inter’s finances were badly hit.
The main reason for Inter Milan’s loss is because of the covid-19 pandemic and due to the fourth-place finish in the Uefa Champions League. Subsequently, the club has given a detailed statement on their website where they have given a complete explanation for their record-breaking losses this season.
Financial Figures of Inter Milan for 2020/2021 Season
“The entire 2020/2021 financial year was significantly affected by the socio-economic impact of the Covid-19 pandemic – both in Italy and worldwide – and the restrictive measures adopted to safeguard public health and production activities.“
“Within this context, consolidated revenues were 364.7 million Euro. The financial year recorded losses of 245.6 million Euro, most of which due to the complete lack of matchday income following the closure of stadiums (compared to 2020, when stadiums closed in early March), the reduction in sponsorship contracts as a result of the Club being unable to provide benefits and the liquidation of sports contracts.“
Inter Milan enter into a complete rebuilding phase after suffering a record breaking loss in 2020/21
Inter Milan also indicated in the same statement that the club has started a rebuild in order to stabilize their finances. Moreover, the Italian club has also made their goal of not compromising any competitions in order to cut down their losses.
“The Club swiftly initiated a rebalancing policy with two primary aims: to ensure financial stability and to maintain a competitive team on the field.“
As a result, Inter had to sell numerous star players in this summer window. They sold Romelu Lukaku to Chelsea who was one of the pivotal factors for the club to win their first Serie A in 11 years. Inter Milan also let go of their talented right-back Achraf Hakimi, Radja Nainggolan, Ashley Young and many others.
All these decisions by the club made Antonio Conte unhappy and subsequently, he decided to leave Inter Milan. However, Inter have replaced him with Simone Inzaghi and signed the likes of Edin Dzeko, Joaquin Correa and few others.
With their signings, it is clear that they have found cheaper alternatives and have also signed few talented youngsters who could help the club win more titles. Therefore it will be interesting to watch how the defending champions play throughout this season.
