“The entire 2020-2021 financial year was significantly affected by the socio-economic impact of the Covid-19 pandemic – both in Italy and worldwide – and the restrictive measures adopted to safeguard public health and production activities,” Inter Milan said in an official statement.

“Within this context, consolidated revenues were €€364.7m. The financial year recorded losses of €€245.6m, most of which due to the complete lack of match day income following the closure of stadiums [compared to 2020, when stadiums closed in early March], the reduction in sponsorship contracts as a result of the club being unable to provide benefits and the liquidation of sports contracts.”

Suning, who bought the club in 2016, have been no stranger to financial struggles back in China, where they are in a dispute with the English Premier League over broadcast rights bought by their PP Sports subsidiary.

The company pulled funding for their Chinese Super League side Jiangsu FC, formerly known as Jiangsu Suning.

This led to the club – who finished as champions of China for the first time last November – to fold before the current season began this March.

Concerns over Inter Milan’s finances have seen the club look for investment.

In May they took a loan of US$336 million from Oaktree Capital Management, the terms of which need the sum plus interest paid off within three years.

Inter saw title-winning manager Antonio Conte and star striker Romelu Lukaku leave after the end of last season, while the club’s long-standing agreement with sponsors Pirelli also came to an end.

Blockchain-enabled fan token platform Socios.com have replaced the tyre giant as the club’s main shirt sponsor. Italian media reported that the one-year deal was worth in the region of US$23.5 million.

“The club swiftly initiated a rebalancing policy with two primary aims: to ensure financial stability and to maintain a competitive team on the field,” Inter’s statement said.

“Summer transfer operations generated a positive economic impact on the path towards sustainability. The signing of experienced international players and the return of talented academy products were part of the drive to maintain a high level of on-field performance.

“The club’s strategy is focused on monitoring costs, with the aim of quickly adapting the business to the changing context, while continuing to invest appropriate resources to develop the club.

“One major result was the significant increase in sponsorships value. The arrival of Socios.com and DigitalBits as well as the upgrade of Lenovo’s positioning bear witness to the club’s constantly growing global appeal.”

Digital Bits are the club’s shirt sleeve sponsor and official cryptocurrency, while Chinese PC manufacturer Lenovo appear on the back of the shirts.

Inter announced a multi-year US$100.7 million product partnership with Digital Bits owner Zytara Labs in September.

“While stadiums are yet to return to full capacity, their partial reopening ensures the club can once again tap into what is an essential revenue stream. This action will enable us to significantly reduce the group‘s losses for the 2021-22 season,” the statement concluded.

On the pitch, Inter have made a positive start to their defence of the title under new boss Simone Inzaghi.

The club sit third in Serie A on 14 points behind 100 per cent record league leaders Napoli and unbeaten city rivals AC Milan.