October 26 – Inter Milan shareholders have approved accounts for the 2022/23 financial year that show turnover up year-on-year by €60 million to €425 million and annual losses reduced to €85 million from €140 million the previous year.
The accounts cover the season that Inter had a run to the Champions League final and also the first season since 2020 and that the stadium was fully opened after the pandemic restrictions. Match day revenues hit a record €80 million.
Operating costs fell from €528 million to €465.5 million and the club said that following its transfer windowactivity in the summer of 2022, the club’s wage bill has been reduced.
Crucially the club said it had complied with the terms of the UEFA Settlement Agreement and that there was no “possibility of sanctions in relation to last season”.
“This past year is confirmation of our club’s incredible growth as a team and as a group,” President Steven Zhang told shareholders.
“Today, Inter is a modern, innovative, digital company, a brand that goes far beyond the football pitch. We are facingstrong competition from old and new rivals alike, but it is also a time of excellent opportunities for growth – and makingthe most of these opportunities is our goal. To achieve this, our every effort must go into achieving financial stability. Weare moving forward with our plans for a new club-owned stadium, which is of strategic importance and will beinvaluable to the club. Inter is now once again one of the top clubs in Europe.”
The club’s majority shareholder, China’s Suning Holdings, absorbed the loss with the injection of €51 million of new funds and a recapitalization of the club with €86 million.
“The financial year which ended on 30 June 2023 was marked by a significant decrease in terms of losses, achieved thanks to consistent increase in revenue in our core business along with further decreases to our operating costs,” explained Corporate CEO Alessandro Antonello.
“Thanks to the efforts of every area of the business and with the majority shareholder supporting the club’s ambitions, we continue to pursue our aim of creating a winning formula between competitiveness on the pitch at the highest level, the essence of our core business, allied to economic and financial sustainability. These two aspects, what occurs on the pitch and what goes on off it, are inextricably linked and they both contribute to the healthy development of our sport. Our most important mid-to-long-term goal is the construction of a new stadium owned by Inter. Time is the crucial factor now and our current focus is on plans to build a new stadium in the Rozzano neighbourhood.”
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