Skip to main content

Inter are no strangers to losses

The authoritative Swiss Ramble reviews Inter’s accounts for 2019/20, when the COVID impacted pre-tax loss widened from €40m to €97m (post-tax €102m), as revenue fell 18%, partly offset by €62m profit on player sales. Gross debt of €411m highest in Italy

The 18% revenue decrease in 2019/20 is pretty much in line with other European clubs that have so far published accounts, other examples including Juventus 18% and Napoli 17%

The pre-tax loss widened from €40m to €97m (post-tax €102m), significantly impacted by COVID, as revenue fell €68m (18%) from €370m to €302m, partly offset by profit on player sales increasing €22m to €62m

The operating loss (excluding profit from player sales and interest) widened from €51m to €133m, though still better than the enormous operating losses at the other members of the traditional “Big Four” Italian club: Juventus €234m, Milan €202m and Roma €195m.

Inter are no strangers to losses, having only reported a profit once in the last decade (€33m in 2014). Over that period, they have accumulated €570m of losses (€604m after tax), including €164m in the four years under Suning’s control.

Ongoing revenue grew by €99m (49%) in the 4 years since the Suning takeover from €203m to €302m, though €46m has come from Regional (Chinese) sponsors. That said, Champions League qualification was also worth €46m

The post-tax loss is not the worst in Italy, as it is beaten by Roma €204m and Milan €195m, while Juventus also had a €90m deficit, all impacted by COVID.

The largest revenue decrease came from commercial, down €51m (31%) from €166m to €115m, though broadcasting also fell €22m (14%) from €153m to €131m.

Profit on player sales rose €22m to €62m, mainly Mauro Icardi to PSG €47m, George Puscas to Reading €7m and Yann Karamoh to Parma €3m. This was one of the highest gains from this activity in Italy

Like many clubs, Inter have become increasingly reliant on player sales with the €226m profit generated from this activity in the last 5 years being around €100m more than the €122m reported in the preceding five-year period.

It is imperative that they qualify for Europe, ideally the Champions League, to boost their broadcasting income, as the TV rights in Serie A are relatively low.   The club only received €117m from Europe in last five years, almost all from 2019 and 2020. This is miles behind Juventus €449m, Roma €255m and Napoli €246m, due to those clubs consistently qualifying for the Champions League.

Inter and Milan have been working on a project to build a new stadium on the San Siro site and revitalise the surrounding area. Following the city council’s demands for changes, partly to preserve a section of the iconic old stadium, a revised plan was submitted in May 2020.
Labels:

Comments

Post a Comment

Popular posts from this blog

It's no deal say Spurs insiders over Taiwanese takeover

Senior figures at Tottenham Hotspur insisted on Friday that they had not been informed of any deal to sell Daniel Levy’s stake in the club. A business group, Eight Sports Capital — which is said to include a billionaire Taiwanese financier — claimed that it had an agreement in place to buy a 24.99 per cent stake in ENIC, the club’s majority owners, from Levy, who owns 29.88 per cent. The Times has been told Ng Wing Fai and Brooklyn Earick form part of the group, having both been linked previously to potential takeovers of the Premier League club. The Taiwanese businessman, Richard Tsai, is also said to be part of the consortium. He is reportedly worth £7 billion.  Last year Earick, the former DJ and tech entrepreneur, was part of an attempted £4.5 billion takeover, which was “unequivocally rejected” by Spurs.  An ENIC spokesperson said: “We can confirm that neither ENIC nor THFC are aware of any sale by Daniel Levy’s Family Trust of its minority stake in ENIC, THFC’...
Post a Comment
Read more

Spurs CEO attacks luxury training base

The Tottenham Hotspur chief executive Vinai Venkatesham has issued a withering assessment of the way the club was run under Daniel Levy, likening the state-of-the-art training centre to a five-star hotel rather than a centre of high performance.  Venkatesham was appointed to his role in April 2025, having stepped down as chief executive at Arsenal the previous summer. However, he has said that some aspects of the club were “in a significantly worse state” than he expected.  “Our training centre is amazing, one of the best, if not the best in the world,” Venkatesham told BBC Sport. “But when you look around, it looks more like a five-star hotel than it does a performance environment. That will change over the summer. I think there are many areas where the club hasn’t got the right level of expertise.”  He explained that the football side of operations was the club’s main downfall when he arrived last year. [One Spurs fan wryly observed that it was like a water company sayi...
Post a Comment
Read more

Fulham requires big funding from owner

After lengthy delays, Fulham’s shiny, new Riverside Stand has finally opened, creating “a unique Thameside destination with first class facilities for supporters and partners on match days, as well as for the wider community year-round”. This ambitious project has increased Craven Cottage’s capacity by around 4,000 to 29,600, while it has also taken advantage of the club’s fantastic location and wealthy catchment area by including two Michelin star restaurants, a rooftop swimming pool, corporate hospitality and event space, all benefiting from views of the Thames. Chief executive Alistair Mackintosh observed, “Fulham is the sort of club that can have a business class or first class and have fans that turn left on a plane.” Indeed, there is also an exclusive members club – with a football season ticket as an optional extra. It’s fair to say that “the times they are a-changing”, as this is a long way from the traditional pie and a pint. However, in a world where clubs face the tw...
Post a Comment
Read more