Inter Milan

1928–29 S.S. Ambrosiana in its white and red Crociata shirt

One of the founders of Inter, a painter named Giorgio Muggiani, was responsible for the design of the first Inter logo in 1908. The first design incorporated the letters "FCIM" in the centre of a series of circles that formed the badge of the club. The basic elements of the design have remained constant even as finer details have been modified over the years. Starting at the 1999–2000 season, the original club crest was reduced in size, to give place for the addition of the club's name and foundation year at the upper and lower part of the logo respectively.

In 2007, the logo was returned to the pre-1999–2000 era. It was given a more modern look with a smaller Scudetto star and lighter color scheme. This version was used until July 2014, when the club decided to undertake a rebranding.[58] The most significant difference between the current and the previous logo is the omission of the star from other media except match kits.[59]

Since its founding in 1908, Inter have almost always worn black and blue stripes, earning them the nickname Nerazzurri. According to the tradition, the colours were adopted to represent the nocturnal sky: in fact, the club was established on the night of 9 March, at 23:30; moreover, blue was chosen by Giorgio Muggiani because he considered it to be the opposite colour to red, worn by the Milan Cricket and Football Club rivals.[60][61]

During the 1928-29 season, however, Inter were forced to abandon their black and blue uniforms. In 1928, Inter's name and philosophy made the ruling Fascist Party uneasy; as a result, during the same year the 20-year-old club was merged with Unione Sportiva Milanese: the new club was named Società Sportiva Ambrosiana after the patron saint of Milan.[62] The flag of Milan (the red cross on white background) replaced the traditional black and blue.[63] In 1929 the black-and-blue jerseys were restored, and after World War II, when the Fascists had fallen from power, the club reverted to their original name. In 2008, Inter celebrated their centenary with a red cross on their away shirt. The cross is reminiscent of the flag of their city, and they continue to use the pattern on their third kit. In 2014, the club adopted a predominantly black home kit with thin blue pinstripes[64] before returning to a more traditional design the following season.

Animals are often used to represent football clubs in Italy – the grass snake, called Biscione, represents Inter. The snake is an important symbol for the city of Milan, appearing often in Milanese heraldry as a coiled viper with a man in its jaws. The symbol is present on the coat of arms of the House of Sforza (which ruled over Italy from Milan during the Renaissance period), the city of Milan, the historical Duchy of Milan (a 400-year state of the Holy Roman Empire) and Insubria (a historical region the city of Milan falls within). For the 2010–11 season, Inter's away kit featured the serpent.

San Siro during an Inter match

The team's stadium is the 80,018 seat San Siro, officially known as the Stadio Giuseppe Meazza after the former player who represented both Milan and Inter. The more commonly used name, San Siro, is the name of the district where it is located. San Siro has been the home of Milan since 1926, when it was privately built by funding from Milan's chairman at the time, Piero Pirelli. Construction was performed by 120 workers, and took 13 and a half months to complete. The stadium was owned by the club until it was sold to the city in 1935, and since 1947 it has been shared with Inter, when they were accepted as joint tenant.

The first game played at the stadium was on 19 September 1926, when Inter beat Milan 6–3 in a friendly match. Milan played its first league game in San Siro on 19 September 1926, losing 1–2 to Sampierdarenese. From an initial capacity of 35,000 spectators, the stadium has undergone several major renovations, most recently in preparation for the 1990 FIFA World Cup when its capacity was set to 85,700, all covered with a polycarbonate roof. In the summer of 2008, its capacity was reduced to 80,018 to meet the new standards set by UEFA.

Based on the English model for stadiums, San Siro is specifically designed for football matches, as opposed to many multi-purpose stadiums used in Serie A. It is therefore renowned in Italy for its fantastic atmosphere during matches owing to the closeness of the stands to the pitch. The frequent use of flares by supporters contributes to the atmosphere, but the practice has occasionally also caused problems.

Brothers Giuseppe (left) and Franco (right) Baresi face each other in the 1979–80 Milan derby

Inter is one of the most supported clubs in Italy, according to an August 2007 research by Italian newspaper La Repubblica.[65] Historically, the largest section of Inter fans from the city of Milan were the middle-class bourgeoisie Milanese, while Milan fans were typically working-class.[61]

The traditional ultras group of Inter is Boys San; they hold a significant place in the history of the ultras scene in general due to the fact that they are one of the oldest, being founded in 1969. Politically, the ultras of Inter are usually considered right-wing and they have good relationships with the Lazio ultras. As well as the main group of Boys San, there are four more significant groups: Viking, Irriducibili, Ultras, and Brianza Alcoolica.

Inter's most vocal fans are known to gather in the Curva Nord, or north curve of the San Siro. This longstanding tradition has led to the Curva Nord being synonymous with the club's most die-hard supporters, who unfurl banners and wave flags in support of their team.

Scene of a Derby della Madonnina in 1915

Inter have several rivalries, two of which are highly significant in Italian football; firstly, they participate in the intra city Derby della Madonnina with Milan; the rivalry has existed ever since Inter splintered off from Milan in 1908.[61] The name of the derby refers to the Blessed Virgin Mary, whose statue atop the Milan Cathedral is one of the city's main attractions. The match usually creates a lively atmosphere, with numerous (often humorous or offensive) banners unfolded before the match. Flares are commonly present, but they also led to the abandonment of the second leg of the 2004–05 Champions League quarter-final matchup between Milan and Inter on 12 April after a flare thrown from the crowd by an Inter supporter struck Milan keeper Dida on the shoulder.[66]

The other most significant rivalry is with Juventus; the two participate in the Derby d'Italia. Up until the 2006 Italian football scandal, which saw Juventus relegated, the two were the only Italian clubs to have never played below Serie A. In recent years, post-Calciopoli, Inter have developed a rivalry with Roma, having finished runners-up to Inter in all but one of Inter's five Scudetto-winning seasons between 2005 and 2010. The two sides have also contested in five Coppa Italia finals and four Supercoppa Italiana finals since 2006. Other clubs, like Atalanta and Napoli, are also considered amongst their rivals.[67] Their supporters collectively go by Interisti, or Nerazzurri.[68]

The Inter team which won the Intercontinental Cup in 1965

Inter have won 30 domestic trophies, including the league 18 times, the Coppa Italia seven and the Supercoppa Italiana five. From 2006 to 2010, the club won five successive league titles, equalling the all-time record before 2017, when Juventus won the sixth successive league title.[11] They have won the Champions League three times: two back-to-back in 1964 and 1965 and then another in 2010; the last completed an unprecedented Italian treble with the Coppa Italia and the Scudetto.[12] The club has also won three UEFA Cups, two Intercontinental Cups and one FIFA Club World Cup.

Inter has never been relegated from the top flight of Italian football in its entire existence. It is the sole club to have competed in Serie A and its predecessors in every season. The Nerrazurri currently have the longest unbroken run in the top flight leagues of any club on the Continent, 106 seasons, and among European clubs, only five British clubs have longer current spells in the top flight.

Javier Zanetti made a record 858 appearances for Internazionale, including 618 in Serie A

Javier Zanetti holds the records for both total appearances and Serie A appearances for Inter, with 858 official games played in total and 618 in Serie A.

Giuseppe Meazza is Inter's all-time top goalscorer, with 284 goals in 408 games.[69] Behind him, in second place, is Alessandro Altobelli with 209 goals in 466 games, and Roberto Boninsegna in third place, with 171 goals over 281 games.

Helenio Herrera had the longest reign as Inter coach, with nine years (eight consecutive) in charge, and is the most successful coach in Inter history with three Scudetti, two European Cups, and two Intercontinental Cup wins. José Mourinho, who was appointed on 2 June 2008, and completed his first season in Italy by winning the Serie A league title and the Supercoppa Italiana, in the second season he won the first "treble" in Italian history, the Serie A league title, Coppa Italia and the UEFA Champions League in the season 2009–2010.

Antonio Conte is the current coach of the club

As of 1 September 2019[74]

Position	Name
Head coach	Antonio Conte
Vice coach	Cristian Stellini
Technical assistant	Gianluca Conte
Technical assistant	Paolo Vanoli
Fitness coach	Costantino Coratti
Fitness coach	Antonio Pintus
Fitness coach	Julio Tous
Goalkeeper coach	Adriano Bonaiuti
Head nutritionist	Matteo Pincella
Football analysis manager	Michele Salzarulo
Fitness data analyst	Giuseppe Bellistri
Technical-tactical analyst	Alessandro Davite
Technical-tactical analyst	Giacomo Toninato
Head of medical staff	Piero Volpi
Squad doctor	Alessandro Corsini
Squad doctor	Luca Pulici
Squad doctor	Alessandro Quaglia
Physiotherapists coordinator	Marco Dellacasa
Physiotherapist	Leonardo Arici
Physiotherapist	Ramon Cavallin
Physiotherapist	Dario Fort
Physiotherapist	Andrea Galli
Physiotherapist/Osteopath	Andrea Veschi
Functional rehab	Andrea Belli

FC Internazionale Milano S.p.A. was described as one of the financial "black-holes" among the Italian clubs, which was heavily dependent on the financial contribution from the owner Massimo Moratti.[77][78][79][80] In June 2006, the shirt sponsor and the minority shareholder of the club, Pirelli, sold 15.26% shares of the club to Moratti family, for €13.5 million. The tyre manufacturer retained 4.2%.[81] However, due to several capital increases of Inter, such as a reversed merger with an intermediate holding company, Inter Capital S.r.l. in 2006, which held 89% shares of Inter and €70 million capitals at that time, or issues new shares for €70.8 million in June 2007,[82] €99.9 million in December 2007,[83] €86.6 million in 2008,[84] €70 million in 2009,[85][86] €40 million in 2010 and 2011,[87][88][89][90] €35 million in 2012[36][91] or allowing Thoir subscribed €75 million new shares of Inter in 2013, Pirelli became the third largest shareholders of just 0.5%, as of 31 December 2015.[5] Inter had yet another recapitalization that was reserved for Suning Holdings Group in 2016. In the prospectus of Pirelli's second IPO in 2017, the company also revealed that the value of the remaining shares of Inter that was owned by Pirelli, was write-off to zero in 2016 financial year. Inter also received direct capital contribution from the shareholders to cover loss which was excluded from issuing shares in the past. (Italian: versamenti a copertura perdite)

Right before the takeover of Thohir, the consolidated balance sheets of "Internazionale Holding S.r.l." showed the whole companies group had a bank debt of €157 million, including the bank debt of a subsidiary "Inter Brand Srl", as well as the club itself, to Istituto per il Credito Sportivo (ICS), for €15.674 million on the balance sheet at end of 2012–13 financial year.[92] In 2006 Inter sold its brand to the new subsidiary, "Inter Brand S.r.l.", a special purpose entity with a shares capital of €40 million, for €158 million (the deal made Internazionale make a net loss of just €31 million in a separate financial statement[93][94]). At the same time the subsidiary secured a €120 million loan from Banca Antonveneta,[95] which would be repaid in installments until 30 June 2016;[96] La Repubblica described the deal as "doping".[97] In September 2011 Inter secured a loan from ICS by factoring the sponsorship of Pirelli of 2012–13 and 2013–14 season, for €24.8 million, in an interest rate of 3 months Euribor + 1.95% spread.[89] In June 2014 new Inter Group secured €230 million loan[98][99][100] from Goldman Sachs and UniCredit at a new interest rate of 3 months Euribor + 5.5% spread, as well as setting up a new subsidiary to be the debt carrier: "Inter Media and Communication S.r.l.". €200 million of which would be utilized in debt refinancing of the group. The €230million loan, €1 million (plus interests) would be due on 30 June 2015, €45 million (plus interests) would be repaid in 15 installments from 30 September 2015 to 31 March 2019, as well as €184 million (plus interests) would be due on 30 June 2019.[41] In ownership side, the Hong Kong-based International Sports Capital HK Limited, had pledged the shares of Italy-based International Sports Capital S.p.A. (the direct holding company of Inter) to CPPIB Credit Investments for €170 million in 2015, at an interest rate of 8% p.a (due March 2018) to 15% p.a. (due March 2020).[101] ISC repaid the notes on 1 July 2016 after they sold part of the shares of Inter to Suning Holdings Group. However, in the late 2016 the shares of ISC S.p.A. was pledged again by ISC HK to private equity funds of OCP Asia for US$80 million.[102] In December 2017, the club also refinanced its debt of €300 million, by issuing corporate bond to the market, via Goldman Sachs as the bookkeeper, for an interest rate of 4.875% p.a.[103][104][105]

Considering revenue alone, Inter surpassed city rivals in Deloitte Football Money League for the first time, in the 2008–09 season, to rank in 9th place, one place behind Juventus in 8th place. (Milan in 10th place.)[106] In the 2009–10 season, Inter remained in 9th place, surpassing Juventus (10th) but Milan re-took the leading role as the 7th.[107] Inter became the 8th in 2010–11,[108] but was still one place behind Milan. Since 2011, Inter fell to 11th in 2011–12, 15th in 2012–13, 17th in 2013–14, 19th in 2014–15[109] and 2015–16 season.[110] In 2016–17 season, Inter was ranked 15th in the Money League.[111]

In 2010 Football Money League (2008–09 season), the normalized revenue of €196.5 million were divided up between matchday (14%, €28.2 million), broadcasting (59%, €115.7 million, +7%, +€8 million) and commercial (27%, €52.6 million, +43%).[112] Kit sponsors Nike and Pirelli contributed €18.1 million and €9.3 million respectively to commercial revenues, while broadcasting revenues were boosted €1.6 million (6%) by Champions League distribution. Deloitte expressed the idea that issues in Italian football, particularly matchday revenue issues were holding Inter back compared to other European giants, and developing their own stadia would result in Serie A clubs being more competitive on the world stage.[112]

In 2009–10 season the revenue of Inter was boosted by the sales of Ibrahimović, the treble and the release clause of coach José Mourinho.[113] According to the normalized figures by Deloitte in their 2011 Football Money League, in 2009–10 season, the revenue had increased €28.3 million (14%) to €224.8 million. The ratio of matchday, broadcasting and commercial in the adjusted figures was 17%:62%:21%.[107]

For the 2010–11 season, Serie A clubs started negotiating club TV rights collectively rather than individually.[114] This was predicted to result in lower broadcasting revenues for big clubs such as Juventus[114] and Inter,[112] with smaller clubs gaining from the loss. Eventually the result included an extraordinary income of €13 million from RAI.[87] In 2012 Football Money League (2010–11 season), the normalized revenue was €211.4 million. The ratio of matchday, broadcasting and commercial in the adjusted figures was 16%:58%:26%.[108]

However, combining revenue and cost, in the 2006–07 season they had a net loss of €206 million[83][115] (€112 million extraordinary basis, due to the abolition of non-standard accounting practice of the special amortization fund), followed by a net loss of €148 million in the 2007–08 season,[84] a net loss of €154 million in 2008–09 season,[85][86] a net loss of €69 million in the 2009–10 season,[88][113] a net loss of €87 million in the 2010–11 season,[87][90][116] a net loss of €77 million in the 2011–12 season,[89] a net loss of €80 million in 2012–13 season[36] and a net profit of €33 million in 2013–14 season, due to special income from the establishment of subsidiary Inter Media and Communication.[117] All aforementioned figures were in separate financial statement. Figures from consolidated financial statement were announced since 2014–15 season, which were net losses of €140.4 million (2014–15),[118][119] €59.6 million[119][120] (2015–16 season, before 2017 restatement)[121] and €24.6 million (2016–17).[121][122]

In 2015 Inter and Roma were the only two Italian clubs that were sanctioned by the UEFA due to their breaking of UEFA Financial Fair Play Regulations,[123] which was followed by Milan which was once barred from returning to European competition in 2018. As a probation to avoid further sanction, Inter agreed to have a three-year aggregate break-even from 2015 to 2018, with the 2015–16 season being allowed to have a net loss of a maximum of €30 million, followed by break-even in the 2016–17 season and onwards. Inter was also fined €6 million plus an additional €14 million in probation.[123]

Inter also made a financial trick in the transfer market in mid-2015, in which Stevan Jovetić and Miranda were signed by Inter on temporary deals plus an obligation to sign outright in 2017, making their cost less in the loan period.[124] Moreover, despite heavily investing in new signings, namely Geoffrey Kondogbia and Ivan Perišić that potentially increased the cost in amortization, Inter also sold Mateo Kovačić for €29 million, making a windfall profit.[124] In November 2018, documents from Football Leaks further revealed that the loan signings such as Xherdan Shaqiri in January 2015, was in fact had inevitable conditions to trigger the outright purchase.[125]

On 21 April 2017, Inter announced that their net loss (FFP adjusted) of 2015–16 season was within the allowable limit of €30 million.[126] However, on the same day UEFA also announced that the reduction of squad size of Inter in European competitions would not be lifted yet, due to partial fulfilment of the targets in the settlement agreement.[127] Same announcement was made by UEFA in June 2018, based on Inter's 2016–17 season financial result.[128]

• Dynasties in Italian football
• European Club Association

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