Inter report record Serie A losses of € 245.6m

MILAN (AP) – Inter Milan on Thursday announced a record loss of 245.6 million euros ($ 285 million) for the 2020-21 fiscal year, the highest on record for a Serie A club.

Inter won their first Serie A title in 11 years last season, but their finances have been hit hard by the coronavirus pandemic, as well as the club’s early elimination from European football.

He attributed his large losses primarily “to the complete lack of match day income” due to closed stadiums, despite earning 364.7 million euros ($ 423 million).

“The club quickly launched a rebalancing policy with two main objectives: ensuring financial stability and maintaining a competitive team on the pitch,” Inter added in a statement Thursday.

This policy saw coach Antonio Conte leave, apparently because he was unhappy that he could not rely on his winning side, and Inter sold two of their best players to Romelu Lukaku and Achraf Hakimi.

The owner of Inter, retail giant Suning, is also struggling due to the impact of the pandemic and has halted the operations of his Chinese football club.

But Inter remain positive for the coming season.

“The current season offers signs of recovery: in addition to the partial reopening of the stadiums, the positive summer transfer campaign and the signing of new global sponsorship contracts testify to the ever-growing appeal of the Inter brand”, declared the club.

“These actions will significantly reduce the group’s losses.

Inter also struck a funding deal with Oaktree Capital in May, which saw the US investment fund buy a minority stake in the Serie A club and give the Nerazzurri a much-needed loan.

The deal reportedly involved a cash injection of 275 million euros ($ 336 million), the majority of which was in the form of a loan.

Simone Inzaghi replaced Conte as coach. Inter are second in the Italian league after six matches and have yet to lose.

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