Credit: X
Inter Milan, who currently sit on the top spot of the Serie A standings with 44 points, are reportedly on the verge of bankruptcy. The Italian football club got into the news when they paid their 10 board members their annual compensation. All board management members, including the corporate CEO Alessandro Antonello and the CEO of the sports area Giuseppe Marotta, received less compensation as compared to $2.16 million for the 2022/2023 financial year.
According to the blog accountant and auditor Luca Marotta, the company cut costs by 11.8% to $465.5 million and recorded a decline in revenues (-3.2%) to around $473 million. Not only this, but the blog also says that the club is in heavy debt of around $898 million. Although the numbers are less than that of the previous year, which was $980 million.
The blog also suggested that the Italian giants have continued business in the ongoing year only due to the sales of Marcelo Brozovic to Al-Nassr for $20 million and Andre Onana to Manchester United for $57 million.
In the blog, Marotta wrote that the Inter Group reported a negative worth of $179 million as of June 30, 2023. It means that assets contained in the Inter balance sheet, which are overestimated, would not be enough to cover the club’s liabilities. Marlotta, in her blog, wrote, "The Parent Company's net equity as of 30 June 2023 does not fall within the minimum capitalization limits established by the Civil Code.”
As per the blog, the club is doing everything that it can do to stay afloat by restoring to harsh conditions. However, the company could cover up the losses within the fifth financial year following the closure. In January 2022, a 461 million dollar bond was issued with a maturity of 2027 and a yield of 6.75%.
