In 2021/22, the cost of Inter‘s squad — including salaries and amortization of player registrations — absorbed 109% of operating revenues, amounting to 322 million euros. For every 100 euros earned by the club, 109 were spent solely on the team, even before considering other management expenses. Such an impact is difficult to sustain over time.

The path to recovery was gradual. The 2022/23 season, the one with the Champions League final in Istanbul, saw operating revenues rise to 386 million, with the squad cost reduced to 82%. The following year, in 2023/24, turnover reached 399 million with the impact reduced to 76%. It is important to note, according to data published by Football Benchmark, that this improvement was already underway before Oaktree’s arrival: from 109% in 2021/22 to 76% in 2023/24, the reduction occurred under the previous management.

With Oaktree at the helm, the process continued. In 2024/25, a season marked by the Champions League final and participation in the Club World Cup, operating revenues reached a record 546 million and the squad cost ratio settled at 58%. Over five seasons, the impact dropped by 41 percentage points, while Inter reached two European finals and won their twentieth league title.

In 2025/26, the ratio rose to 68%, but the numbers explain why. The early exit from European competition at the hands of Bodø/Glimt and the lack of access to extra events that had boosted the previous year’s accounts compressed operating revenues to 462 million, marking a drop of 84 million compared to the previous year. The squad cost, however, remained almost unchanged: around 317 million in 2024/25 and around 314 million in 2025/26, again according to estimates from Football Benchmark data. The worsening of the ratio, therefore, is due to the contraction in revenues, not an increase in spending on players.

On the broader financial front, Football Benchmark reports that over the five seasons considered, net financial debt was reduced by 16%, dropping from 350 to 293 million euros, while financial charges fell by 45%, from 50 to 28 million. Despite the slowdown in 2025/26, Inter closed its second consecutive financial year with a profit.

The overall comparison between 2021/22 and 2025/26 remains eloquent: operating revenues rose from 322 to 462 million, an increase of 44%. Five years ago, the squad cost exceeded the entire operating turnover; today, it represents about two-thirds. A structurally different balance, which allows the club to invest in competitiveness while at the same time reducing pressure on the accounts.

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