The Italian Serie A football club, Inter Milan has set the record for the highest losses for a club in the league. The current Italian champions had a loss of €245.6 million in the 2020/21 season which is higher than the one set by Juventus earlier this month at €210 million.
These numbers might surprise people because Inter Milan won the league last season. However, due to the pandemic and fans not being allowed inside the stadiums, Milan faced serious problems. This is the reason why they have had to let go of Romelu Lukaku and Achraf Hakimi to support the club’s finances.
Moreover, Inter Milan have formed partnerships with several sponsors to stabilize their finances. The club signed a deal with the technology firm Lenovo, which has become its back-of-jersey sponsor. Digital fan engagement and blockchain-enabled company Socios has become its sponsor replacing Pirelli as their shirt sponsor. Additionally, they have signed a multi-year deal with Zytara labs for €85 million to become the club’s sleeve sponsor.
Inter Milan at the end of the 2019/20 season recorded a loss of €102.4 million. At that time, the club said they had started a rebalancing initiative.
‘The club’s strategy is focused on monitoring costs, with the aim of quickly adapting the business to the changing context, while continuing to invest appropriate resources to develop the club,’ Inter Milan said in a statement.