Only €258m spent since 2021 

©TM/IMAGO

Few predicted that Inter Milan would be walking out at the Allianz Arena tonight in the Champions League final but you should never write off Simeone Inzaghi’s men. I Nerazzurri don’t possess the superstar names of other European giants but their success over the last few years is quite incredible. Inter narrowly missed out on their 21st Scudetto to Napoli on a thrilling final day in Serie A but that will be forgotten quickly if they win the most prestigious club trophy in football.

PSG represent formidable opposition and are favorites with Luis Enrique transforming the Parisians from a dysfunctional array of superstars into a cohesive and entertaining side. But Inter won’t be fazed by their underdog status as they showed with an outstanding win against Barcelona in the semi-finals. Inter will be motivated by the pain of defeat to Manchester City in the Istanbul final in 2023 but their mere presence, once again, on the biggest stage is a miraculous story – testament to Inzaghi’s unappreciated brilliance and a shrewd transfer policy.

How Inter Milan battled financial uncertainty

Inter are unquestionably one of the biggest clubs in Italy and part of the traditional ‘big three’ alongside Juventus and city rivals AC Milan. After José Mourinho led Inter to their third European Cup/Champions League in 2010, Inter experienced almost 15 years of financial instability and numerous ownership changes. The introduction of UEFA Financial Fair Regulations limited Inter’s spending power but they’ve been able to achieve stability off the pitch despite uncertainty off it – US Investment fund Oaktree finally assumed ownership of the club in May 2024 after Chinese owners Suning failed to pay a €395 million debt repayment.

 While they enjoy financial advantages in Serie A, Inter Milan’s revenue of €391m across the 2023/24 – revealed by Deloitte – only ranks 14th in Europe, yet they’ve reached their second Champions League final in three years. Moreover, Inter’s reported wage bill of €228m is lower than English Premier League clubs like Tottenham Hotspur (€258m) and Newcastle United (€253m). Unlike big-spending rivals, Inter’s success in European football’s elite club competition defies their financial constraints and their spending during Inzaghi’s tenure is enlightening.

How Inter Milan’s transfer spending compares to European rivals

The disparity between Inter Milan’s transfer expenditure under Inzaghi compared to the biggest spending European clubs is remarkable. Since Inzaghi was appointed ahead of the 2021/22 season, Inter have spent €258m on new signings, which ranks 40th in the world. Chelsea are the biggest spenders across this timeframe with €1.49b invested in transfer fees – more than five times more than Inter. As the graphic below illustrates, Inter’s total spending is lower than the likes of Bournemouth (€356m) and Rennes (€405m).

But it’s when you analyse the net spend across Inazaghi’s tenure that Inter’s brilliance in the transfer market truly becomes evident. While Inter have spent €258m on new signings across the last eight windows, the Italian giants have recouped €372m in player sales – leaving them a net spend of -€114m. To contextualize this, 240 clubs in the world have registered a higher net spend across the last four seasons than the two-time Champions League finalists, including Portland Timbers, Norwich City and Pisa FC.

Inter have successfully utilised the free agents market to acquire numerous players, including key stars Hakan Çalhanoğlu, Henrik Mkhitaryan, André Onana and Marcus Thuram. Inzaghi has also secured bargain fees for many influential players like Yann Bisseck (€7.2m), Yann Sommer (€6.9m) and Matteo Darmian (€3.1m). Moreover, only one of the club’s top ten most expensive signings arrived under Inzaghi. Irrespective of the result tonight in Munich, Inter’s ability to reach the final with the 11th most valuable squad in the world and their modest spending is an incredible achievement.