MILAN (WNN) – Inter Milan on Thursday posted a record loss of 245.6 million euros ($285 million) for the 2020-21 financial year, the most for any Serie A club.
Inter won their first Serie A title in 11 years last season, but its finances were hit hard by the coronavirus pandemic as well as the club’s early elimination from European football.
It attributed its significant losses to a “complete lack of match day income” mainly due to closed stadiums, despite revenues of 364.7 million euros ($423 million).
“The club swiftly launched a rebalancing policy with two primary objectives: to ensure financial stability and to keep the team competitive on the field,” Inter said in a statement on Thursday.
That policy left coach Antonio Conte, reportedly because he was unhappy that he would not be able to produce his title-winning team, and Inter sold two of their top players, Romelu Lukaku and Achraf Hakimi.
But Inter remains positive for the upcoming season.
“The current season shows signs of improvement: in addition to the partial reopening of stadiums, a positive summer transfer campaign and the signing of new global sponsorship contracts testify to the ever-increasing appeal of the Inter brand,” the club said.
“These actions will make it possible to significantly reduce group losses.”
Simon Inzaghi has been appointed as coach in place of Conte. Inter are second in the Italian league after six matches and have yet to lose.
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