Inter Milan Approve Balance Sheet For 2023-24 Fiscal Year: ‘Increased Revenues & Sharply Reduced Losses’ | OneFootball

Inter Milan have approved their balance sheet for the fiscal year ending in June 2024.

The Nerazzurri released an official statement, via FCInterNews. They emphasize “increased revenues and sharply reduced losses” as the board of directors approve a draft of the budget, for final approval at the shareholders meeting.

However, the past few years have been turbulent ones for Inter on a financial level.

Therefore, Nerazzurri have suffered significant losses in the wake of the COVID-19 pandemic beginning in 2020.

Under previous owners Suning, Inter had to take drastic measures to curb these losses.

This included a number of high profile player sales for large transfer fees.

Subsequently, behind the scenes, the Nerazzurri have been working diligently to increase commercial revenues. Corporate CEO Alessandro Antonello has been at the heart of these efforts.

In May of this year, US fund Oaktree Capital took over as Inter owners from Suning.

Oaktree took over after Suning defaulted on a massive loan that they had taken on from the fund in the spring of 2021. That loan had been to cover operating expenses in the wake of the pandemic-related financial crisis.

But the overall plan has not changed. Inter’s priority has been to get closer and closer to a balanced budget.

Inter Milan Approve Budget For 2023-24 Fiscal Year

Inter confirm in a statement that “The Board of Directors of FC Internazionale Milano S.p.A. has approved a draft of the budget for the fiscal year 2023-24, at the end of a meeting at the club’s headquarters.”

“The budget will now be submitted for approval at the club’s shareholders’ meeting.” This meeting is set for October.

Inter’s statement stresses that “There has been a further sharp reduction in losses compared to the 2022-23 fiscal year.”

“There has been a drop from €85 million to €36 million in losses. A decrease of approximately €50 million.”

“This decrease is, on the one hand, the result of an increase in revenues of approximately €48 million, to a total of €473 million,” Inter’s statement continues.

“Due to the results of the team on a sporting level, which led to an increase in commercial revenues.”

“At the same time, production costs remain virtually stable compared to the previous year, totalling €464.5 million.”

“The direct consequence of these trends is a net increase in the value of production of €9 million.”

“Compared to a loss of €40 million in the previous fiscal year.”