Serie A Club Inter Milan Increases Its Capital To Curb Losses
Serie A club Inter Milan "has decided to increase its capital by €35M ($45.5M) in order to reduce its enormous losses," according to the SID. The increase in capital "is supposed to curb the club's €77M ($100M) in losses from the '11-12 fiscal year." In the period of '10-11, the losses were even bigger with €86.8M. Inter Milan's revenue "also has decreased from €217M to €191M." The club, which is owned by oil mogul Massimo Moratti, "has prescribed itself a plan to cut costs." The player payroll "has been reduced by €25M in comparison to the '10-11 season." The staff payroll stood at €165M during the last fiscal year. During the current season the club plans to reduce its payroll by another €45M ($58) (SID, 10/30).