alessandro antonello

Shareholders’ Meeting, Alessandro Antonello speech


Oct 28th 2022

Le parole del CEO Corporate nerazzurro

Today, the Shareholders of our Club have approved the 2021/22 financial report, which to a large extent was still heavily impacted by the measures taken to contain the pandemic, but for the first time after this difficult period, we have seen a return to more positive trends.

Indeed, we have seen record turnover this year after the previous one in the 2018/19 season. The commitment shown by all facets of the club enabled us to significantly reduce our losses. We have got back on the right track, but the road ahead of us is still long and challenging.

As always, our goal is to combine the highest level of sporting competitiveness – which remains our core business and is an essential element from a financial perspective too – with financial sustainability. Consolidating the club’s sources of revenue has to be achieved not only by enhancing and expanding the Nerazzurri brand, via collaborations and partnerships on a global level, but also and above all by investing in infrastructure, among which the most significant is the project for the new stadium.

ECONOMIC AND FINANCIAL CONTEXT According to data collected by UEFA, the negative impact of the COVID-19 pandemic equated to total losses of over €7 billion for European clubs in the 2020-22 period – and more than €2.2 billion in Italy alone.

Moreover, there remains great uncertainty about how the socio-economic situation will develop, regarding both the possibility of the COVID-19 pandemic to worsen again and the wider economic context, still in recession, influenced by international tensions and characterised by growing inflation and heightened interest rates.

This situation has led to further polarisation within European football, as the Premier League appears increasingly distant from other leagues in terms of value of the media rights and sports competitiveness.

RESULTS FOR THE 2021/22 FINANCIAL YEAR In the 2021/22 financial year, the Group produced consolidated revenues of €439.6 million - a record in the history of the club after the previous one in 2019 – and losses of €140.1 million, resulting in a big improvement on the €245.6 million of 2020/21.

The principal positive and negative factors that contributed to these results are:

First, the very positive economic result from the management of player transfers during the market sessions

the first team’s performance: qualifying for the UEFA Champions League last 16 for the first time in 10 years and winning the Coppa Italia and Italian Super Cup has led to increased revenue from TV rights;

the gradual return of spectators to the stadium and increased ticket revenue, which was zero in the previous season.

the depreciation of assets in relation to Christian Eriksen;

the termination of Vidal’s and Sanchez’s contracts – due to expire on 30 June 2023 – happened in July and August 2022.

2022 REFINANCING During the fiscal year the Company a finalized a major operation to reschedule medium-long term debt.

In February 2022, the club issued on the market Senior Bonds worth €415 million, maturing in 2027 at a rate of 6.75%. The proceeds were used to repay Senior Bonds and the pre-existing credit line maturing in December 2022.

The bond issuance saw demand far outstrip the offer, confirming the market’s confidence in our club’s solidity.

Refinancing has allowed the club to extend its debt maturity profile, maintaining a financial structure that allows us to pursue our long-term strategic goals.

UEFA SETTLEMENT AGREEMENT As you probably know, the club, like all those qualifying for European competitions, is subject to the general rules of Financial Fair Play (FFP). The key FFP evaluation criteria are based on achieving break-even in the three-year monitoring period (Break-even requirement).

On 17 December 2021, UEFA informed the club that following a review, they found there to be a deficit during the monitoring period. In February 2022, UEFA announced the initiation of proceedings against the club, which were concluded on 4 March 2022 and reported non-compliance with the general requirements of FFP during the monitoring period.

On 23 August 2022, following a series of discussions, a Settlement Agreement was signed by the F.C. Internazionale Group and UEFA.

The agreement will apply from 2022 and continue for the following seasons until 2026/27, using the indicator Football Earnings as a benchmark, or in other words, the breakeven of the consolidated financial statements adjusted according to certain components (e.g., costs incurred for the youth academy, women’s football, etc.).

The agreement stipulates a sanction of €4 million, which the club included in its accounts for the year ending 30 June 2022, and a further potential sanction amounting to a maximum of €22 million, which is suspended depending on compliance with the economic objectives laid out for the duration of the agreement period.


The search for a new shirt partner The crisis in the digital currency sector, which worsened during the second quarter of 2022, has impacted and continues to impact the results for our club, particularly in terms of the sponsorship agreement with Zytara Labs – Digitalbits. The amount due under the sponsorship agreement, currently equating to around €17 million, has not yet been paid by the sponsor, for which they have provided reasons that our lawyers deem unfounded.

The club has in any case requested that Zytara fulfil the signed contract, applying the non-compliance clause to suspend the visibility of the brand sponsor across all means and channels covered in the contract, except for the men’s first team jersey, on which it was deemed appropriate to keep it for the moment.

Negotiations are currently under way to find a friendly resolution to the dispute. At present, it is not possible to predict whether these negotiations will be successful or not. If it is not possible to reach an agreement, the club will consider taking legal action to protect our interests.

In the meantime, the club has already taken all the necessary actions on the market, initiating several discussions to find a possible new shirt partner through its own commercial structure so that the new partner can take over as soon as possible.

New partners and significant renewals Starting from the current season, Inter signed a new important multi-year partnership agreement with leading gaming company KONAMI. The eFootball™ logo will appear on the back of the men’s, women’s and youth team training kits, as well as the pre-match training kit, worn by all players during the warm-up across national competitions. KONAMI has also purchased the naming rights for the Inter Women and youth academy training ground, which therefore takes the name of KONAMI Youth Development Centre in Memory of Giacinto Facchetti.

Other new partnerships have been signed over the last few months with important brands such as Ebay, Hisense, LeoVegas, Radio 105 (just to name a few..)

Furthermore, we are very close to securing a new agreement with NIKE, with whom we joined forces in 1998 and since then have shared a common vision of football. The current contract will expire in 2024, taking our partnership beyond the 25-year mark and establishing a new benchmark for sports marketing in Italy.

The new agreement, which will start from the 2023/24 season, will enable us to be recognised as a top-level club in Europe, not just in terms of economic value but also product partnerships, development and marketing, and consolidate our position as Nike’s only football partner in Italy.

We wish Nike’s continuous support will further strengthen our position as one of the best clubs in the world and help us to expand at the global level.

Season ticket campaign The 2022/23 season started off with another very successful season ticket campaign. There was a rush for season tickets in 2022/23 among Nerazzurri fans, with tickets selling out rapidly. In light of the great demand, we opened the waiting list up again for the 2023/24 season.

Launch of the new digital ecosystem As testament to the Club's continued investment in innovation, in July 2022, we launched a new integrated digital platform that allows fans to be even more immersed in the Nerazzurri world. There is new site and app content with a fresh design and new e-commerce (available in 6 languages) features for an unprecedented shopping experience.

This novel approach shows the club’s continuous investment in increasingly innovative tools, which can offer more personalised and exclusive experiences for fans around the world, as well as speaking the language of younger generations.

2022/23 OBJECTIVES The main objective that guides all the club’s corporate activities is to contribute to securing Inter’s financial sustainability in order to ensure that the highest level of sporting competitiveness is maintained. It will therefore be necessary to stabilise the economic and financial profile of the club, respecting the objectives of the Settlement Agreement.

The club has important assets that it can exploit as it works to consolidate and increase operating revenue. We will continue to strengthen the Inter brand on the international stage, which began with the creation of Media House in 2017 and culminated with the launch of the new crest in spring 2021 and the new digital ecosystem in July 2022. Last season, Inter launched numerous collaborations with brands of excellence in our city, including our stand-out partnership with Moncler, which has aided our transformation from sport icon to culture and lifestyle leader.

The most ambitious and significant project for the future of our club is the new stadium project and the new San Siro development.

NEW SAN SIRO DEVELOPMENT | UPDATE At the end of September this year, after the preparation phase that took place in July and August, the public debate began and is scheduled to be concluded by November 2022. Thereafter, the municipality can use the report of the Public Debate coordinator to request any changes to the project before the final response, which is expected to occur within 60 days after the conclusion of the debate.

If this process is successful, the executive design phase is scheduled to begin in early 2023 with construction possibly scheduled to start in 2024

Italian version

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