Inter announced €245.6M loss for 2020-21
The Nerazzurri are struggling financially and hope that with the end of the pandemic, things will improve.
shareholders confirmed that they lost € 245.6 million in the fiscal year ending June 30, 2021, almost half of which was due to the Corona pandemic.
Inter were forced to sell several players last summer, including Romelu Lukaku and Achraf Hakimi, to improve their financial situation. The club has now released its balance sheet, which shows a loss of € 245.6 million before the summer, almost half of which was due to the Covid-19 crisis.
Club's statement reads:
“The F.C. Internazionale Milano S.p.A., Shareholders’ Meeting, held via video conference, has approved the 2020/21 financial results, which were significantly impacted for the entire duration of the season by the effects of the Covid-19 pandemic.
“The year saw consolidated revenues of €364.7 million and losses of €245.6 million. The impact of Covid-19 was approximately €110 million: around €70 million due to the complete lack of matchday revenue following the closure of stadiums and around €40 million due to the reduction in sponsorship contracts as a result of the Club being unable to provide benefits and partners’ reduction in business. A further €30 million was due to the termination of sporting contracts.
“Having reached the end of their respective terms, the F.C. Internazionale Milano S.p.A Board of Directors and Board of Auditors were re-appointed for the 2021-2024 three-year term.”
“Winning our 19th Scudetto is a memorable achievement and reward for the amazing work done by the team and everyone at the club, as well as the incredible passion shown by the Nerazzurri fans, who had been waiting 11 years for this moment,” said Inter president Steven Zhang.
“We have come a long way since we took over in 2016: Inter has become a global, successful, innovative club connected with the new generations around the world. Our work and commitment are shown in the result, the Club is back to win with a clearly defined vision. Within the extraordinary economic and social context created by the pandemic, the club’s financial stability and sustainability and keeping the team challenging at the highest level are the focal points of our strategy.”
The Corona pandemic hit economically hard on big clubs and drastically reduced their revenues. As a result, many clubs have their hands tied in transfers and are unable to pursue the player they want.
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