By Andrea Caropreso
Index
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After several years of financial difficulties, mainly due to the Suning era, Inter under Oaktree could see a significant improvement in its accounts. Despite the heavy legacy, the American fund has ridden the wave of Champions League success and, with careful management, is on track to record its first profit after a decade of negative results. A turnaround that could also give the Nerazzurri more breathing room for future transfer campaigns.
2024: Between Debt and Record Revenues
The financial statement Inter closed a year ago is the perfect snapshot of the path taken under president Giuseppe Marotta. Losses stood at €36 million — a considerable figure but still far better than the €86 million loss in 2023. On the revenue side, however, a true record was reached: €473 million. This growth came both from structural revenues and transfer market profits, confirming the club’s ability to capitalize on its assets.
| Revenue Items (2023/24) | Amount (€ mln) |
|---|---|
| TV Rights | 176.4 |
| Matchday (ticketing) | 70.8 |
| Sponsorships & Commercial | 112 |
| Transfer Profits | 73.8 |
| Other Revenues | 40.2 |
| Total | 473 |
On the cost side, expenses remained roughly stable at €464 million, with player wages representing the largest share. However, the key issue remains debt. As of June 30, 2024, total debt amounted to €734.8 million, down from over €800 million the previous year. This reduction was made possible by more prudent management and Oaktree’s intervention, which injected €47 million in recapitalization.
2025 Forecasts: Back to Profit
According to early estimates, the financial year closed on June 30, 2025, should report a net profit between €20 and €25 million — a turning point after a decade of losses. The Champions League run was crucial, generating nearly €200 million between market pool and ticket revenues.
| Estimated Budget Items (2024/25) | Amount (€ mln) |
|---|---|
| Total Revenue | 515 – 520 |
| Net Profit | +20 / +25 |
| Total Debt | < 700 |
| Net Equity | improving |
If 2024 marked a revenue record, 2025 could break the €500 million barrier. A historic milestone not only for Inter but for Italian football in general, given the widening gap with Europe’s elite over the past decade. Debt reduction also shows progress, with projections below €700 million, thanks to Oaktree’s prudent financial management and refinancing operations.
In June, Inter officially launched a refinancing plan to repay early a major bond loan originally maturing in February 2027. At the same time, the club refinanced a bond worth €350 million (down from €450m), extending maturity to 2030 under better conditions.
Strategies for the Future
The return to profit in 2025 is a turning point for Inter, but it doesn’t mean the recovery path is complete. The real challenge now is to turn a one-off success into a long-term standard, consolidating progress and avoiding a Pyrrhic victory.
One of the hottest issues concerns the growth of commercial revenues. Like other top Italian clubs, Inter remains heavily dependent on TV rights, which brought in €176 million in 2024 but are not enough to compete with European giants (Premier League teams earn triple). The next leap must come from marketing, sponsorships, and merchandising. Inter’s brand has huge potential, especially abroad, and new markets in America and Asia could be key to consolidating financial progress.
Finally, the stadium issue remains central. Building a new venue, even shared with AC Milan, would project Inter into modernity alongside Europe’s elite. Revenues could double, debt could be managed more effectively, and investing in top-quality players (helping both Inter and Serie A’s global image) would become more feasible. A tough challenge — but not impossible.
By Andrea Caropreso
