F.C. Internazionale Milano S.P.A. shareholders' meeting approves 2023/24 financial results
Club
— Oct 28th 2024Shareholders approved the financial results for the year ending 30 June 2024, with a significant reduction of losses to €36 million (approximately €50 million less than 2022/23). Club record turnover of €473 million, with total revenues increased by €48 million. After the end of the season, the new majority shareholder recapitalised the club with €47 million: €44 million in fresh funds plus conversion of the remaining €3 million from shareholder loans.
MILANO, 28 October 2024 – The F.C. Internazionale Milano S.p.A. Shareholders’ Meeting has approved the financial results for the 2023/24 season, following today’s meeting held remotely with President Giuseppe Marotta and Corporate CEO Alessandro Antonello in attendance. A new F.C. Internazionale Milano S.p.A. Board of Auditors was appointed for the three-year period 2024-2027, after the previous Board of Auditors reached the end of its term.
FURTHER REVENUE INCREASE AND SIGNIFICANT REDUCTION OF LOSSES
The financial year ending 30 June 2024 saw 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. Total turnover for the season was €473 million, a club record, with a revenue increase of €48 million. This was achieved thanks to good results on the field leading to an increase in commercial turnover.
Production costs remain 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.
RECAPITALISATION BY THE MAJORITY SHAREHOLDER
Since 22 May 2024, funds managed by Oaktree Capital Management, L.P. (“Oaktree”) have 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, Oaktree completed a recapitalisation operation totalling €47 million. 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 financial results that have been approved today refer to a legendary season that saw Inter earn the second star, a milestone moment in the club’s accomplishments as part of a winning cycle that we intend to continue. This success would not have been possible without the support of Oaktree, which helped the club overcome the difficult moments of 2021 and will allow us to accelerate the recovery process to ensure competitiveness on the field along with the necessary financial and operational sustainability. Our goal for this season is to continue challenging at the highest level in every competition both domestically and internationally – in Europe and in the new Club World Cup. Oaktree’s arrival has given fresh impetus to the club’s investment in infrastructure, and Inter’s new stadium plans in particular, and we are confident the process is heading in the right direction.”
Giuseppe Marotta, Presidente e CEO Sport FC Internazionale Milano
“The 2023/24 financial year saw the club achieve record revenues of over €470 million, driven by excellent results on the field, while reducing losses by approximately €50 million. Our celebrations for the second star filled some of Milano’s most iconic locations with the Nerazzurri colours, and thanks to our club’s digital channels those memorable images reached millions of fans around the globe. The club’s future is set out and must continue along the lines of innovation, digitalisation and internationalisation, while ensuring financial stability and continued growth. In that sense, of all the ambitious plans we have for the coming years, one of the key assets is a club-owned stadium, which we are pursuing with determination.”
Alessandro Antonello, CEO Corporate FC Internazionale Milano