GdS: How much Elliott and Suning have invested into Milan and Inter and how the future looks

By Oliver Fisher -

The attention ahead of the derby between AC Milan and Inter tomorrow night is not just fixated on the battle on the field but also the contrasting two ownerships. 

La Gazzetta dello Sport reports how Milan and Inter have moved on after Berlusconi and Moratti, with both clubs having opened up to foreign capital, beginning a conversion process into being more modern organisations.

Inter took a turn in 2016 with the establishment of Suning, seeing its turnover grow – also thanks to Asian partnerships – up to approaching €400m (net of capital gains) in 2018-19, which is pre-pandemic. In that same period of time, Milan had to deal with corporate vicissitudes and a long sporting crisis that reduced revenues to just above the €200m threshold and strongly compromised the accounts. Between 2016 and 2020 the Rossoneri accumulated €542m losses against the €193m of the Nerazzurri.

However, things have changed as Elliott Management took control of the club in 2018 and implemented a medium-long term plan based on cost efficiency, the enhancement of young talents and the relaunch of the brand, which have seen losses halved from 2019-20 to 2020-21. Inter, on the other hand, recorded the record loss in the history of Italian football in 2020-21 (€246m) despite winning the league.

Suning provided a initial capital increase of €142m and got loans for a total of €411m (of which €347m were converted into equity), so the company had injected €522m into Inter’s coffers as of 30 June 2021. Elliott meanwhile have paid in €560m, net of the bond repayment.

The difference lies in recent moves and future prospects because while Elliott have the capital to provide for a safe and secure future, the Zhang family cannot offer the same certainties. In the last season, while Elliott paid €129.5m into Milan’s coffers, while Suning’s contribution of fresh resources was at €75m, and they have a €275m loan to be repaid by 2024.

Tags AC Milan Milan Inter
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