Inter‘s board has approved the financial results for 2023-24, which show an increase in revenue of €48m and a reduction of losses to €36m.
Inter’s board has approved financial results for the 2023-24 campaign, the Nerazzurri said in a statement Wednesday morning.
“There was 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 said.
“This was partly achieved by a revenue increase of approximately €48 million to €473 million thanks to positive sporting results leading to an increase in commercial turnover. Meanwhile, production costs remained 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.”
Oaktree Capital Management took over the club from Suning on May 22, 2024, after Steven Zhang had failed to repay a debt of nearly €400m. The new club owners made a cash injection of €47m.
“Since 22 May 2024, funds managed by Oaktree Capital Management, L.P. (“Oaktree”) 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, the majority shareholder completed a recapitalisation operation totalling €47 million,” Inter added in their statement.
“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 club’s summer transfer dealings balanced the acquisition of top-level players while progressing the objective of sustainable growth and success. In addition, since the start of the 2024/25 season, the Club has signed new partnership deals, adding further value to the Nerazzurri shirt and confirming the international appeal of the Inter brand. This included infotainment giant Betsson Sport, which now appears on the front of the Inter jersey thanks to the biggest such deal in the club’s history, and Gate.io, one of the world’s leading cryptocurrency exchanges, as the new sleeve sponsor.”
Their next Serie A match is away at Udinese this coming Saturday.