Suning-owned Inter Milan post record US$285m loss for 2020-21 season
- Covid-19 impacted results worse than previous record loss for an Italian club, Juventus’ US$246m posted last month
- Italian champions saw coach Antonio Conte, star striker Romelu Lukaku and sponsors Pirelli depart after winning Serie A
Italian Serie A champions Inter Milan posted a record loss last season the Chinese-owned club announced on Thursday,
Inter, owned by struggling retail giants Suning, posted a €€245.6 million (US$284.6 million) loss for the 2020-21 season, which they finished as champions of Italy for the first time since 2010.
The loss is a record for an Italian club, beating those posted by Juventus earlier this month. The Turin side lost US$246.3 million last season.
“The entire 2020-2021 financial year was significantly affected by the socio-economic impact of the Covid-19 pandemic – both in Italy and worldwide – and the restrictive measures adopted to safeguard public health and production activities,” Inter Milan said in an official statement.
“Within this context, consolidated revenues were €€364.7m. The financial year recorded losses of €€245.6m, most of which due to the complete lack of match day income following the closure of stadiums [compared to 2020, when stadiums closed in early March], the reduction in sponsorship contracts as a result of the club being unable to provide benefits and the liquidation of sports contracts.”
