Inter in Champions League final, record revenues and in profit

Sporting glory and an all-time revenue record. Inter or Barcelona also played this game in the double semi-final challenge. Inter's extraordinary 4-3 victory, the second final reached in three years, and the possibility of triumphing in the Champions League also imply a decidedly positive turn in the difficult financial transition that the Nerazzurri club, as well as the Blaugrana one, has had to face in the last three years in particular. The additional income from winning the event, the first after the change of format, in fact, could bring the income statement into profit and allow the Blaugrana at Inter to reach 500 million. However, the goal of post-pandemic recovery of the operating account seems to be closer for both clubs, net of a debt level that is still too high for both.

Inter arrived at the semi-finals not in the best condition from a sporting point of view. The opposite of the club's economic health. After years of heavy deficits due to the 'perfect storm' that hit the club, between the pandemic (which caught Inter in an expansive face of investment in the market) and the disengagement of the Zhang family, costing 573 million red in four years, from 2019 to 2023 (an average of 150 million per year), the 2023/24 season saw a record turnover (473 million) and a deficit of just 36 million. The spoils of the Champions League campaign, already over 100 million, and with many more millions still up for grabs (not counting sponsors' bonuses) could push the 2024/25 budget into the black already. The home match against Barcelona meanwhile set an all-time record for stadium takings, over 14 million. Access to the final guaranteed another 18.5 million. Raising the trophy would be worth another 6.5 million, to which another 4-5 million could be added for the eventual UEFA Super Cup match.

A profitable result that in Oaktree's plans will have to be replicated next year to allow the club by 2027 to return to positive equity, negative at 30 June 2024 by 66 million. Inter was able to take advantage, like all the other Italian companies for which the government allowed this option during the Covid emergency, of the deferral until the fifth subsequent financial year of the losses incurred in 2021 and 2022 (for 341 million, largely already covered by capital injections, as indicated in the report on the financial statements). The Oaktree Fund would thus be able to avoid injecting any more equity capital. Expenses will therefore also be covered. As of 30 June 2024, the production costs were stable compared to the previous year, totalling 464.5 million: more specifically, the players' wages were unchanged at around 196 million, while the amortisation of the 'cards' fell further from 90 to 75 million. In the future, both items will have to fall.

The North American fund is already trying to refinance the 415 million bond that expires in 2027 (in fact, Oaktree has already repurchased 15 million and earlier this season made a 47 million recapitalisation). If it came to a maturity below 12 months, in effect, the weight of the bond would affect the liquidity indicator, making the Nerazzurri market more complex, which is not the case with a maturity above 12 months.

In the summer, Inter is expected, in any case, to take two crucial steps: on the pitch with the World Club Championship (the winner will receive up to 125 million); and off, the purchase, together with Milan, of the San Siro area in order to finally speed up the process of building the new stadium.