Deloitte Report on Inter's Finances

Internazionale leapfrog Liverpool to claim eighth position in this year’s Money League. Despite winning the FIFA Club World Cup, the Coppa Italia and reaching the quarter-finals of the UEFA Champions League, Internazionale’s revenues declined by €13.4m (6%) to €211.4m (£190.9m). Given the club’s on-pitch success in 2009/10 and the adoption of the collective selling of broadcast rights in Italy in 2010/11, generating revenues similar to the prior year was always going to be a challenge. Inter finished runner-up to their city rivals AC Milan in Serie A and are also one place (€24.5m) below them in the Money League.

Broadcast revenue fell €13.5m (10%) to €124.4m (£112.3m). Like their city rivals and Juventus, Inter suffered financially as a result of the introduction of collective selling arrangements for broadcast rights in Serie A. Broadcast revenue contributed the second highest relative proportion of total revenue (58%) of any Money League club behind AS Roma (64%). The Nerazzurri’s run to the quarter-finals of the Champions League saw them receive €38m (£34.3m) in central distributions from UEFA, down from the €49.2m earned in 2009/10.




Despite average home league attendance levels of 52,788, matchday revenue decreased by €5.7m (15%) to €32.9m (£29.7m), equivalent to €1.3m (£1.2m) per home match. Matchday revenue accounted for 16% of Inter’s total, far below the club’s European rivals – a weakness shared by each of the Italian Money League clubs. Since Italy’s 2016 UEFA Euro bid was unsuccessful, no imminent plans have been announced to redevelop the San Siro, which may limit the ability of the club to grow matchday and commercial revenues in the immediate future. Commercial revenue increased by €5.8m (12%) to €54.1m (£48.9m), as the club announced they would adopt a new sponsorship strategy which will reportedly see the number of commercial partners reduced from 60 to 25. The club’s long-term agreements with Nike (as kit supplier) and Pirelli (shirt sponsor) generated revenues of c.€12m (£11m) each.

With broadcast revenue representing 58% of Inter’s 2010/11 revenue, the challenge for the Nerazzurri, along with the other Italian Money League clubs, is to increase revenue from other sources to avoid being left behind by the European competition. In addition, the reduction in Champions League places available to Italian clubs from 2012/13 means that success in Serie A is of utmost importance to remain in contention for the Money League top ten.