Inter's Financial Situation

[CafeCordoba]

Anyway, now Oaktree converted the rest of the shareholder loans to equity (3M) and 44M was given as capital injection.

 

[pier]

@Gazzetta_it

 

[SiamoNoi]

@Gazzetta_it

What happened with Juventus?

 

[Adriano@10]

What happened with Juventus?

Jeep/ FIAT stopped being their main shirt sponsor and they probably could not find a non affiliated company that pays them as much as they though they would get...
Short version Corrupt clown club is not sponsored by their owners main company any more

 

[.h.]

juve losses hit -199m last year

 

[Ethor]

What happened with Juventus?

Basically, who cares. It's time for these ham fisted crooks get their comeuppance!, by Jove!

 

[Il Drago]

Inter will announce a new partnership with TIM which will bring a bit over 1m to the club

 

[Ethor]

Inter will announce a new partnership with TIM which will bring a bit over 1m to the club

Surprised it's so low, until one reads of TIM's woes.

 

[Il Drago]

F.C. Internazionale Milano S.P.A. shareholders' meeting approves 2023/24 financial results​

Shareholders approved the financial results for the year ending 30 June 2024, with a significant reduction of losses to €36 million (approximately €50 million less than 2022/23). Club record turnover of €473 million, with total revenues increased by €48 million. After the end of the season, the new majority shareholder recapitalised the club with €47 million: €44 million in fresh funds plus conversion of the remaining €3 million from shareholder loans.​

MILANO, 28 October 2024 – The F.C. Internazionale Milano S.p.A. Shareholders’ Meeting has approved the financial results for the 2023/24 season, following today’s meeting held remotely with President Giuseppe Marotta and Corporate CEO Alessandro Antonello in attendance.A new F.C. Internazionale Milano S.p.A. Board of Auditors was appointed for the three-year period 2024-2027, after the previous Board of Auditors reached the end of its term.

FURTHER REVENUE INCREASE AND SIGNIFICANT REDUCTION OF LOSSES​

The financial year ending 30 June 2024 saw a further significant decrease in losses compared to the 2022/23 financial year, with the figure falling by around €50 million from €85 million to €36 million. Total turnover for the season was €473 million, a club record, with a revenue increase of €48 million. This was achieved thanks to good results on the field leading to an increase in commercial turnover.
Production costs remain 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.

RECAPITALISATION BY THE MAJORITY SHAREHOLDER​

Since 22 May 2024, funds managed by Oaktree Capital Management, L.P. (“Oaktree”) have assumed ownership of F.C. Internazionale Milano S.p.A. as the new majority shareholder. In the first quarter of the 2024/25 financial year, Oaktree 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 majority shareholder’s investment is a demonstration of its commitment to the club’s financial and operational stability to support the highest level of performance on and off the pitch.

“The financial results that have been approved today refer to a legendary season that saw Inter earn the second star, a milestone moment in the club’s accomplishments as part of a winning cycle that we intend to continue. This success would not have been possible without the support of Oaktree, which helped the club overcome the difficult moments of 2021 and will allow us to accelerate the recovery process to ensure competitiveness on the field along with the necessary financial and operational sustainability. Our goal for this season is to continue challenging at the highest level in every competition both domestically and internationally – in Europe and in the new Club World Cup. Oaktree’s arrival has given fresh impetus to the club’s investment in infrastructure, and Inter’s new stadium plans in particular, and we are confident the process is heading in the right direction.”

Giuseppe Marotta, Presidente e CEO Sport FC Internazionale Milano

“The 2023/24 financial year saw the club achieve record revenues of over €470 million, driven by excellent results on the field, while reducing losses by approximately €50 million. Our celebrations for the second star filled some of Milano’s most iconic locations with the Nerazzurri colours, and thanks to our club’s digital channels those memorable images reached millions of fans around the globe. The club’s future is set out and must continue along the lines of innovation, digitalisation and internationalisation, while ensuring financial stability and continued growth. In that sense, of all the ambitious plans we have for the coming years, one of the key assets is a club-owned stadium, which we are pursuing with determination.”

Alessandro Antonello, CEO Corporate FC Internazionale Milano

F.C. Internazionale Milano S.P.A. shareholders' meeting approves 2023/24 financial results | Inter.it

www.inter.it

 

[Il Drago]

Alessandro Antonello's comments during the Shareholders' meeting​

The aim of this meeting is to approve the financial statements ending 30 June 2024, which are marked by another significant reduction in losses achieved by an increase in revenue.

Thanks to the commitment shown by all areas of the club and with the support of our majority shareholder, we continue to pursue our aim of creating a stable connection between sporting competitiveness at the highest level, which is our core business, and financial sustainability.

Last season was marked by achieving a milestone that will go down in Inter history, the second star, which itself showed the inseparable nature of what happens on and off the pitch, with both areas contributing to the healthy development and growth of our sport.

2023/24 FINANCIAL RESULTS – Performances 2016-24​

In the 2023/24 financial year, the group's consolidated revenues were €473.2 million, setting a club record, with losses of €35.7 million, showing a reduction of approximately €50 million from the figure of €85.4 million in 2022/23.

This result was generated:
first, by an increase in revenue of approximately €48 million thanks to the growth of sponsorship and retail revenue and the results of capital gains from player transfers
second, by production costs staying very similar to those in the previous year, making a total of €464.3 million.

A direct consequence of this progress is a net increase in production value of €9 million, compared with a loss of €40 million in the previous financial year.

2023/24 FINANCIAL RESULTS – Partnerships, match-day, digital​

Let’s look at some highlights from the club’s corporate activities last season in further detail. As previously mentioned, the financial year was marked by a significant increase in commercial revenue. Sponsorship revenue increased by €25.5 million to reach €79.9 million. The results are particularly linked to the renewal with technical sponsor Nike, which will see the partnership reach its thirtieth anniversary. Furthermore, the agreement with Paramount+ has allowed Inter to partner with a big player in the global entertainment industry, innovatively and uniquely activating iconic assets such as the Nerazzurri jersey and San Siro.

At the end of the season, an important agreement was signed with Betsson Sport, which became Inter’s new Official Main Partner, replacing Paramount+. The sports infotainment brand will be present on the prestigious Nerazzurri jersey for the next four years, which is concrete proof of Inter’s brand strength, expressed through the biggest shirt sponsorship contract in the club’s history.

Qatar Airways, which was already an Inter partner, further strengthened its partnership by becoming the club’s Official Main Training Kit Partner, while remaining the Official Airline Partner, demonstrating the solid foundations underpinning the Nerazzurri project.

Finally, the agreement between BPER and Inter was also renewed and expanded at the end of the season, with BPER becoming the Official Training Centre Naming Rights Partner. The new name of the training centre in Appiano Gentile is now the BPER Training Centre in memory of Angelo Moratti and BPER is also the Official Training Kit Sleeve Partner, with its logo on the sleeve of the men's and women’s first-team training kits, as well as on the sleeve of the pre-match kits for domestic competitions.

During the 2023/24 season, the club generated €24 million in revenue from licensing and retail, doubling the e-commerce turnover from the previous year. This business area was consolidated by increasing the number of new collections available to the public and boosted by the Scudetto triumph and the growth of the e-commerce channel, as well as by the new management of physical stores, with the new Inter Store Castello being added this year.

Matchday revenue also contributed significantly to the increase in turnover last season. The support of our fans once again helped Inter set an attendance record in Italy and rank among the top clubs in Europe, with a further increase in revenue based on the same number of matches. Season tickets once again sold out extremely quickly.

Last season, the celebration of the second star allowed Inter’s colours to shine in iconic locations such as Castello Sforzesco, Piazza del Duomo, and, of course, San Siro, filling the city of Milan with the unforgettable emotions of the Nerazzurri community. Thanks to the club’s digital channels, these memorable images reached millions of fans the world over.

Inter Media House confirmed a record-breaking performance level: the Nerazzurri community grew by an additional 10 million users compared to the previous season, making a total of 73 million Nerazzurri fans worldwide. Last season, approximately 60,000 pieces of content were produced in the new digital ecosystem, generating 7 billion impressions and around 3 billion video views. The total number of fans has now reached around 75 million.

These results confirm the club’s desire to keep developing its own brand through a pathway involving innovation, digitalisation and entertainment. The continuous pursuit of excellence in performance and success on the pitch is supported by the club’s corporate activities, while also serving as a driving force for the international expansion of the Nerazzurri brand.

2024/25 OBJECTIVES​

Financial balance
The primary aim of each of the club's corporate activities is to contribute to consolidating Inter’s financial sustainability in order to support the highest level of sporting competitiveness and continue the process of stabilising the club's economic and financial profile, while respecting the objectives of the UEFA Settlement Agreement;

The continuous and tangible nature of the support that the club receives from the majority shareholder, which has worked alongside Inter ever since the critical moments in 2021, has led to significant improvement to the club’s economic-financial balance. In addition, in the first quarter of the 2024/25 financial year, Oaktree was involved in a significant recapitalisation operation worth €47 million.

With regard to the Settlement Agreement with UEFA reached on 23 August 2022, for the financial statements submitted for your approval today all of the parameters set out have been respected and therefore we believe there is no chance of us receiving a sanction.

Increase in operating revenues

As part of the Inter brand’s international positioning, the new Club World Cup in the United States in 2025 represents an exceptional opportunity to increase our brand visibility in a particularly strategic geographical area for the club.In recent years, Inter has strengthened its presence in the American market through the opening of new Academies and by participating in sporting and lifestyle events.

The aforementioned sponsorship agreement with our main partner, Betsson Sport, represents a key step forward in the brand enhancement strategy that we intend to pursue in the coming years, relying on continuous growth on and off the pitch.

Finally, one of the main assets to bridge the revenue gap between us and the top European clubs is a club-owned stadium.

Improving infrastructure

As is common knowledge, Inter is moving forward along two paths:

• The construction of a new stadium in the San Siro area and the simultaneous repurposing of the current Meazza. In this regard, an important meeting took place last week with all the political parties involved and the project received backing from the Ministers of Sport and Culture. It was also clarified that the restriction on the second tier will allow the repurposing of the current stadium, preserving its legacy within a new structure. The clubs and the municipal administration are currently awaiting feedback from the Italian Revenue Agency regarding the valuation of San Siro and its surrounding areas, as well as information on the timeframe for acquiring the land.
• At the same time, the option to build a new venue 100%-owned by Inter in Rozzano remains available, with the club extending its exclusivity contract with the company that owns the land until January 2025.

CONCLUSIONS​

To finish off, I would like to thank all of you. We can feel your unrivalled passion every day and in every match. We are working hard on a daily basis for our club’s future, and the support that you provide to Inter and its projects serves as huge motivation for us to turn our ambition into reality.

Alessandro Antonello's comments during the Shareholders' meeting | Inter.it

www.inter.it

 

[sdvroot]

Inter have confirmed that the club’s financial losses are significantly down compared to this time last year after recording a record turnover of €473m, as confirmed at the latest shareholder meeting on Monday.

The Nerazzurri have confirmed that losses were down to around €36m for the 2023-24 season, roughly €50m less than the losses posted at the end of the 2022-23 campaign.

The club have also confirmed that the running cost of the club has remained stable at around €464.5m.

The club wrote in a statement that the team’s success on the pitch has contributed to an increase in club revenues over the last year.

Inter confirm significant decrease in losses​

“The financial year ending 30 June 2024 saw a further significant decrease in losses compared to the 2022/23 financial year, with the figure falling by around €50 million from €85 million to €36 million,” Inter wrote in an official statement after their shareholder meeting on Monday.

“Total turnover for the season was €473 million, a club record, with a revenue increase of €48 million. This was achieved thanks to good results on the field leading to an increase in commercial turnover.

“Production costs remain 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.”

 

[crzdcolombian]

I don’t get how we still running as a club with the losses we have every season while being insanely competitive. Our results are incredible we still sell a ton of players and to see hey we did good

Under 40m loss

I mean if we were a start up trying to hustle some venture capitalist sure … but man why would anyone want to own a club?

What’s the magic pill? A stadium ? After like 10-15 years of paying it off?

 

[.h.]

I don’t get how we still running as a club with the losses we have every season while being insanely competitive. Our results are incredible we still sell a ton of players and to see hey we did good

Under 40m loss

I mean if we were a start up trying to hustle some venture capitalist sure … but man why would anyone want to own a club?

What’s the magic pill? A stadium ? After like 10-15 years of paying it off?

Basically because our squad cost is way too high. If you wanted to run Inter profitable, excluding the debt (which isnt a core part of the club IMHO as in you could easily have Inter under different owners without it), you'd need to cut like 60mil off amoritsation + wage bill. That's a significant amount, obviously. Wage bill thats like 40% cut

 

[Glass box]

What’s the magic pill? A stadium ? After like 10-15 years of paying it off?

Some money laundering, dodgy owners

 

[.h.]

Tbh there is no magic pill. We don't NEED to make a profit. Every time our revenue increases in a recurring fashion we will invest that into the team. Which is the right decision. My obsession is trying to get us to a more stable cost basis so that we do invest into the team going forwards rather than just playing catch up.

 

[Mikele]

I think that players salary (yearly) is around 140-145M. Total expense is about 450M. For what is spent 300M?

 

[.h.]

you can look it up for yourself!

https://www.inter.it/media/downloads/2024/2024_10_29_13_30_335.%20FC%20Inter%20Group_%20FY24%20Annual%20Financial%20Statements_ENG%20Translation.pdf

the summary page you care about is page 38

salary + amoritsation is 350mil euros.


the more detailed sheet is pg44.

 

[Forzanerazzurri]

I'd be fascinated to see what Oaktrees base case financial model looks like. I would continue to run at a modest loss. Take the tax benefit. Remain competitive and see if you can flip the club in another 5 years for a large capital gain.

In most other cases, clubs are terrible investments. You'd be much better off using that capital to build junk condos/apartments to sell to people in any of these dumb Western countries with open borders.

 

[Il Drago]

Inter Finances 2023/24

Half Way There

swissramble.substack.com

 

[.h.]