Inter Milan Posts Record Loss in Italian Title-Winning Year
(Bloomberg) -- Winning its 19th national title wasn’t enough to shore up soccer club FC Internazionale Milano’s finances during a Covid-ravaged season that kept its 75,000-seat stadium largely empty of spectators.
The Milan-based soccer club posted a record 245.6 million-euro ($285 million) loss in the fiscal year that ended June 30, 2021, compared to a 102 million-euro loss in the previous season. Revenue fell to 364.7 million euros from 383 million a year earlier. Stadium closures and lower sponsorship contracts contributed to the loss, Inter said in a statement on Thursday.
Financially stretched European soccer clubs have become a hunting ground for international investors. Inter Milan obtained a 275 million-euro lifeline from Oaktree Capital Group in May following the collapse of the Super League project, which held the promise of injecting more 300 million euros into the Italian team.
Stadium reopenings and new sponsorship contracts will allow the club to “significantly” reduce losses in this season, Inter said.
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