APA Milan president hits out at Inter’s financial situation: “Technically bankrupt”

By Oliver Fisher -

The president of AC Milan’s Small Shareholders Alliance has claimed that Inter are ‘technically bankrupt’ and that the pandemic helped them cover up losses.

Inter have spent the last few days celebrating their Scudetto win, one which saw them hit 20 league titles and thus gives them the right to put a second star on their shirts. However, there has always been the feeling that the bubble might burst.

For further context, the rough financial situation of Milan’s city rivals Inter was laid bare by an article from The Athletic that explores the recent trends and the concerns for the future.

Essentially, it suggests that it seems difficult to see them sustaining a run of silverware given their economic situation is a ticking timebomb. Even last season when they made the Champions League final for the first time in 13 years, the club still made an €85m loss.

Now, the lawyer Giuseppe La Scala – who is the president of APA Milan – spoke to TvPlay about Inter’s economic and financial situation, and he did not hold back regarding his assessments.

“Inter, like many other teams, from the point of view of solvency ratios, are technically bankrupt. They have been able to survive in recent years thanks to the fact that the Covid regulations have made it possible not to cover losses and to manage finance, with regard to the payment of players’ wages, in a totally loose manner,” he said.

“Now Inter are recovering thanks to a management of the highest quality from the point of view of containing losses, but continues to lose and burn cash. Now the owners are faced with the need to repay the bonds, first of all those stipulated upstream, at the head of the control chain, at rates for which refinancing costs around 15% more per year on 400 million.”

Tags AC Milan


    1. Yes, and also no thanks to “Greedy Gerry”, “Moneyball Moncada” and “vulture fund Elliott”. People are f-ing stupid.

      1. Elliott Investment Management is a vulture funds. It’s an official term. It’s impossible to post external links here but you can find it in 10 seconds on Google. Gerry Cardinale is the CEO of an investment firm, which only purpose by definition is to make money from OPM. I can’t find anything more greedy than this. Billy Beane, the very same guy who invented Moneyball, is working with Milan and Moncada.

        Again, nobody is saying that we should burn cash like Yonghong Li. What “fcking stupid” people say is that you don’t win anything by being cheap. We have the ability to raise a little bit our salary cap to attract top free agents and we can spend more on quality players. But let’s celebrate our budget while Inter celebrates a second star. The gap with Inter increased since last year and it remains to be seen if we can narrow it.

        1. Lille win ligue 1 under gailter with cheap time , leicester city win EPL, ACM win scudetto with cheap coach and cheap squad ( number 4 on salary under juve,IM,napoli) . This season in germany bayer leverkusen win bundesliga with cheap coach and cheap squad . IM scudetto only different 1 with ACM , nothing special about IM in CL this season. ACM squad gap not so big compared to IM but pioli losing tactic vs simone 6 times in row , let see next season with new coach on derby. Winning trophy not about who spend the most budget in transfer market or who give madness salary to player but the effective club win trophy. Bayern Muenchen hiring top coach that win CL ,buying kane 100m euro, give their player big salary but still lose the title to cheap club in bundesliga. In EPL Chelsea & MU spending big money on transfer fee but they cannot even secure 4th EPL while aston villa the cheap club will play on CL next season. As long as RedBird not selling key player like leao,theo,pulisic,tijani then next season if they add quality player on DMF , CF, CB , i believe ACM can compete on winning scudetto again. Optimistic 2* next season

          1. – Early exit in UCL, then UEL.
            – Early exit in Coppa.
            – Eliminated from Scudetto contention for months.
            – Unprecedented streak of injuries.
            – Cheap mercato (11 players for around 110M). Mostly rejects or no name. Missed every target who was targeted by someone else.
            – Casa Milan raided by la Guarda di Finanzia.
            – Toxic climate in Casa Milan.
            – M&M fired last season, Pioli fired this season. The search for a new coach is erratic, looks like the pursuit of Thuram, Kamada or Taremi last year.
            – Scaroni bashing bandiera Maldini for no reason.
            – A top player from our squad will seemingly be sold this summer.
            – Camarda could leave.

            Optimistic is a synonymous for blind I guess. These guys don’t even know what it means to be ambitious. One thing they master is PR, that’s it. Hanno la faccia come il culo.

        2. Calling the mercato cheap after they invested over €100 million means you can’t be taken seriously and it means you don’t understand economics. This sport is too complicated for you and your list is irrelevant in every way to the board. The results are on the coach and only the coach.

          1. PR works well. What we need is more Internet experts like you man. Again, 11 players for 110M is barely 10M for each. We missed Thuram, Ndicka, Guler, Taremi. We did favours to Chelsea, Valencia, Fiorentina. Call it ambitious if you want.

  1. it’s a process. You need to generate more revenue and decrease costs. Both need to be addressed. Inter has done well-ish generating revenue (mostly from player sales) and the big run in the UCL. That however, is variable. if you count on making the UCL semis each year (like barcelona), just to break even, you are in trouble; especially because refinancing some loans right now will be more expensive. Point is, we have been doing both, our revenues keep increasing, our costs flat or decreasing. BUT this is a long process. We as fans, want big time signings and we might be able someday but not now.

    1. So for now should we be firing coaches when they fail to win the league or when they lose against bigger players with bigger contracts??? For now how do we keep the fans excited, how do we keep the fans hooked??? Sports business is a different thing, you spend a lot of money wisely to make a lot of money, balance sheets are interpreted differently, just an opinion, professionals know better

      1. No we only fire coaches who let Milan get absolutely smacked by inter for SIX GD TIMES IN A ROW. Mr Pioli will and should be loved for helping to save the club but Milan are at an inflection point, things have gone stale and a change could benefit everyone.

        1. I agree 100%.
          We forget that Milan in their hay days under Arrigo was a time where the coach did his thing then moved on the same for Capello, and now it’s time for Pioli to walk.

          Milan need a manager that doesn’t lose to Inter anymore, manager that takes Milan to Europe and make other euro teams fear us.
          This begins with strong management GERRY!

  2. @Bartholomeo 3 of those players were €20 million each (Chukwueze, Pulisic & RLC), Reijnders was €19 million and Okafor was €14 million.

    We didn’t miss anyone. Guler and Taremi? Are you serious? Guler has been injured most of the year and has 2 goals in 6 games for one of the best teams in Europe. Taremi has 4 goals this season, huge loss. Ndicka wasn’t signed due to his €4 million a year salary demands, Roma had been chasing him for a while, we weren’t really interested. We tried to hijack the Thuram deal again after he had been chased by Inter for months. To even point to an Inter player given the financial mess their spending has left them in shows that, as I said, you don’t understand football.

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