Serie A champions Inter Milan have posted an Italian football record of €245.6 million in losses for the 2020-21 financial year, the club announced Thursday.
Earlier this month, Juventus had announced losses of €210m ($246.3m), which at the time was the most of any team.
“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,” an Inter statement read.
“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 matchday 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.”
Inter have been one of the hardest hit clubs by the coronavirus pandemic, with their Chinese owners, Suning, suffering serious financial losses.
The club were forced to take out a €275m ($319m) loan from investment firm Oaktree, which must be paid off within three years plus interest.