Inter are expected to reach €459.1M in revenues in 2019-2020 financial year. With a few sales, the Nerazzurri can definitely afford Dzeko (€15M) and Lukaku (€83M)

Inter are expected to reach €459.1M in revenues in 2019-2020 financial year. With a few sales, the Nerazzurri can definitely afford Dzeko (€15M) and Lukaku (€83M)

“And now we must speed things up.” This input of Antonio Conte was very clear: Inter must switch gear on the transfer market both in getting new players and especially sales. The main objectives for the incoming part are two in Romelu Lukaku and Edin Dzeko but there are also the cases of Nainggolan and Icardi, as well as the possible sale of Perisic.

So, what kind of budget do Inter have? We (Calcio & Finanza) have analyzed it by estimating money coming in and out. The factor that will determine the strategies lies between cost of the team and revenues, also used by clubs like Barcelona in their own analysis: if it is between 50%-70%, then green light to buy will come on. But if the percentage raises above 70%, then it will be necessary to think about selling. 

2018-2019 recap

The financial year ended on June 30th 2019 with the search for capital gains needed to balance financial account due to UEFA Financial Fair Play. The estimated revenues are around €370M plus €46M in capital gains (including about €17M for the transfer of Pinamonti to Genoa on loan with obligation to buy). The deficit between income and expenses was around €44.9M, with Nainggolan (€38M) and Lautaro Martinez (€22.5M) were the main signings while cost of loans was €19M.

  • Cost of outright signings: €82.7M

  • Cost of loans: €19M

  • Income of outright sales: €56M

  • Income of loans: €700K

  • Difference: - €44.9M (cost - income)


  • Gross wages: €110.4M

  • Amortization: €68.8M

  • Cost of loans: €19M

  • Total team cost: €198.2M

  • Capital gains: €46.8M

  • Income of loans: €700K

  • Estimated revenues: €370M

  • Total estimated revenues: €417.5 (capital gains included here)

  • Team cost and revenues percentage: €198.2M / €417M = 47%

New signings

As of July 22nd, there are 8 signings done by Inter: redemption of Politano, Salcedo, Radu and Brazao; Lazaro (€22M), Godin (free) Barella and Sensi (both are on paid loan with obligation and option to buy respectively). In total, €68M was spent for these deals and an increase in team cost of around €60M (amortization plus gross wages plus cost of loans). 

Possible operations

However, at this time, only the transfer of Karamoh to Parma was done (on loan with obligation to buy for €12M). Considering the cost of the current team, without sales it would rise to €221M (€198M in 2018-2019), with approximately €99M between amortization and costs of loans and €122M in amortization. Going forward, the strategies of Inter will depend on selling the extra players currently in the team. Not only Icardi and Nainggolan are for sale, but also Dalbert and Joao Mario who even in the event of capital loss would still guarantee savings in terms of amortization and wages. In the estimate of C&F, they wanted to consider the sale of all extra players even at the possibility of receiving capital losses. The sale of Icardi even at €50M would still guarantee capital gain of around €47M.

  • Name - Value on budget - Value of sale - Capital gain/loss

  • Icardi - €2.5M - €50M - €47.5M (gain)

  • Nainggolan - €29M - €25M - €4M (loss)

  • Karamoh - €3.4M - €12M - €8.6M (gain)

  • Joao Mario - €18.076M - €18M - €76K (loss)

  • Dalbert - €14.7M - €14M - €700K (loss)

  • Total: €119M in sales and €51.4M in capital gains

The objectives

That sale figure of €119M would allow not only to collect capital gains of €51.4M but it would also lower the cost of the team to around €180M, between savings on wages and amortization. A double factor that would thus open doors for new arrivals, even approaching the demand of Roma and Manchester Untied for Dzeko and Lukaku.

In fact, if closing those two deals at €15M and €83M with wages of €4.5M for Dzeko and €6.5M for Lukaku, then the team cost would rise to €224M (+13% compared to 2018-2019): considering an increase in estimated revenues of 10%, it would therefore make it possible to get to 50% which is the number between team cost and revenues. 

  • Cost of outright signings: €166.5M

  • Cost of loans: €17M

  • Income of outright sales: €119M

  • Income of loans: €700K

  • Difference: - €63.8M (cost - income)

  • Gross wages: €124.4M

  • Amortization: €82.8M

  • Cost of loans: €17M

  • Total team cost: €224.2M


  • Capital gains: €51.4M

  • Income of loans: €700K

  • Estimated revenues: €407M

  • Total estimated revenues: €459.1 (capital gains included here)

  • Team cost and revenues percentage: €224.2M / €459.1M = 49%

Source: Calcio&Finanza

Matteo Darmian and Cristiano Biraghi, two concrete options for Inter's left wing back position

Matteo Darmian and Cristiano Biraghi, two concrete options for Inter's left wing back position

Inter look to sell as many as seven players

Inter look to sell as many as seven players