Inter Milan has officially released positive news regarding the club’s finances. The Serie A side posted revenues of $527 million for the 2023/24 financial year. This is an increase of about $53 million compared to the previous term. Rising revenues were also mixed with a significant decrease in overall debt. Inter’s debt fell during this period from around $96 million to $56 million.
According to a statement released by the club, the good financial news was influenced by Inter’s on-field performance last season. Led by manager Simone Inzaghi, I Nerazzurri easily controlled the Italian top flight throughout the 2023/24 campaign.
Inter not only collected their twentieth Serie A title, but they dominated the division. They eventually led the final table over their rivals AC Milan by 19 points. As a result, Inter began the current campaign with a second star above their badge. Only Juventus has more Serie A titles (36), than Inter.
American firm guides Inter Milan to record revenue
While 2023/24 ended up being a stellar year for Inter, it was not exactly an easy road to success. Chinese firm Suning Holdings Group previously purchased a majority stake in the club back in 2016. With the group at the helm, Inter experienced moderate success. This included collecting the 2020/21 Serie A title and two Coppa Italia trophies.
Nevertheless, Suning, like many other companies, endured financial strain during the COVID-19 pandemic. Because of this, the firm borrowed over $400 million from American firm Oaktree Capital Management. The U.S. company reportedly charged Suning 12% interest for the loan.
Suning, however, eventually defaulted on this loan in May of 2024. As a result, Oaktree became the new controlling owner of Inter at the time due to the terms of the deal. The takeover happened to occur just days before the 2023/24 officially ended. Oaktree now owns a massive 99.6% stake in the Italian club.
Oaktree injected additional $52 million…
Source link : https://worldsoccertalk.com/news/american-owned-inter-milan-boosts-revenue-to-over-500-million/
Author : Chris Moore
Publish date : 2024-09-26 19:49:25
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