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Italy’s Inter reports record losses in 2020-21

Italy’s Inter Milan reported Thursday a record loss in the 2020-21 financial year of 245.6 million euros as it paid the price for shut stadiums due to the coronavirus pandemic.

The loss, some $285 million, was the highest ever for a Serie A club, according to Calcio e Finanza, a specialist sport and finance website.

The club, owned by Chinese retailer Suning Holdings Group, blamed the “extraordinary context characterized by the effects of the Covid-19 pandemic” including “the closure of stadiums” for the significant losses, despite revenue of 364.7 million euros.

But it said the current season “already promises signs of recovery”, from the partial reopening of the stadiums to the summer transfer campaign and signing of new global sponsorship contracts.

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