Inter Milan won its 19th Serie A title in May, but the Italian soccer club still suffered a record loss of $284.6 million in the fiscal year ending June 30, 2021, up from $118 million the year prior.
Total revenue reached $422 million, down from $444 million a year earlier.
The loss is, of course, attributed to stadium closures and a decline in sponsorships due to the pandemic.
- Genoa, Italy’s oldest soccer team, saw a $38 million loss in 2020.
- Juventus recorded a $246.6 million loss during the 2020-21 financial year.
- Manchester United posted a $148.2 million loss in fiscal Q4.
Inter hopes to alleviate its financial woes with American investors.
In May, Los Angeles-based Oaktree Capital agreed to acquire a 31% stake in the team from Hong Kong’s LionRock Capital in a deal valued at $336 million. Oaktree will also loan money to the club.
Chinese holding company Suning is Inter’s majority owner, with a 68.5% stake it purchased for $306 million in 2016. Between 2015 and 2017, Chinese investors spent $1.8 billion acquiring stakes in more than a dozen European soccer teams.
Now, U.S. investors are swooping in, with Serie A clubs AC Milan, Fiorentina, Spezia, AS Roma, Venezia, and Genoa all under American ownership.
Last week, Miami-based private equity firm 777 Partners acquired full ownership of Genoa in a deal valued at $175 million.