Inter reveal unexpected consequence of Lukaku and Hakimi sales

by | Jan 24, 2022 16:01

Inter announce Romelu Lukaku and Achraf Hakimi’s sales led to a growth of the club’s operating costs for the three months ended on September 30.

The Nerazzurri published a recap of their financial situation today, announcing the launch of an institutional offering of €415m.

The Serie A giants also highlighted how the total revenue for the three months ended on September 30 2021, decreased by €48.3m, going to €71.2m from €119.5m.

Inter explained that their finances have been affected by the impacts of the COVID-19 pandemic but also:

– The shift of the last part of the 2019/2020 season to the first two months of the 2020/2021 season, which resulted in a revenue deferral of €62.0 million from the fiscal year ended June 30, 2020, to the three months ended September 30, 2020, increasing commercial and media revenue for the three months ended September 30, 2020, by €19.0 million and €43.0 million, respectively.

– The postponement of the start of the 2020/21 season to September 2020, which resulted in the deferred revenue recognition of €16.0 million to the last three quarters of the fiscal year ended June 30, 2021, decreasing commercial and media revenue for the three months ended September 30, 2020 by €6.0 million and €10.0 million, respectively.

– All matches played behind closed doors in the three months ended September 30, 2020
compared to matches played at 50% spectator capacity in the three months ended September 30, 2021, generating an increase in matchday revenue for the three months ended September 30, 2021 of €6.1 million.

Inter announce institutional offering and reveal worth of kit sponsorship deals

Inter’s statement continues: “In addition, the net decrease of total revenue in the three months ended September 30, 2021 compared to the three months ended September 30, 2020 was also driven by the termination of the contract with Beijing Imedia Advertising Co., Ltd effective from July 1, 2021 (whereas, in the three months ended September 30, 2020, we recognized €6.3 million of revenue under this agreement). Inter’s total operating costs for the three months ended September 30, 2021 increased by €18.9 million (or 17.1%) to €129.3 million from €110.5 million for the three months ended September 30, 2020 driven by:

• direct costs (agent fees and FIFA solidarity contribution) incurred in respect of the sale of the registration rights of players Achraf Hakimi to Paris Saint-Germain Football Club in July 2021 and Romelu Lukaku to Chelsea Football Club in August 2021;

• impairment of assets amounting to €15.3 million for the three months ended September 30, 2021 (nil for the three months ended September 30, 2020), related to the write-down of the net book value of the registration rights as of the date of resolution, on mutual consent, of the contract with First Team player Christian Eriksen who, following a serious injury during the European Championships in June 2021, was banned by the Italian medical authority in December 2021 from playing in Serie A;

• direct home match organization costs related to the partial re-opening of San Siro; and

• a penalty incurred for the cancellation of the commercial summer tour originally planned in Florida (cancellation decided to avoid any risk related to COVID-19 infections).

“The increase in total operating costs was partially mitigated by lower amortization of player registration rights (a decrease of €7.0 million or 20.7%) following actions undertaken in the 2021 summer transfer campaign and, in particular, (i) the early termination of contracts with certain players and (ii) the sale of registration rights of players with high amortization charge replaced by players with lower acquisitions costs.”

Lukaku joined Chelsea in August for €115m, while Hakimi had signed with PSG one month earlier for a fee close to €75m.

The striker had played two seasons at Inter, scoring 64 goals in 95 appearances. His figures at Chelsea are much different this term as he has only scored seven goals in 18 apperances.

Hakimi spent one season at Inter scoring seven goals in 45 appearances with the Serie A giants.

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