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Does bond mean more money for Inter?

Team issues bonds, but don’t bet on cash-splashing.

FC Internazionale v AS Roma - Serie A
Chairman of Suning holdings group Zhang Jindong (front) and FC Internazionale board member Steven Zhang attend the Serie A.
Photo by Emilio Andreoli/Getty Images

The summer transfer window should have educated Inter Milan fans to the fact that majority owners, Suning Group, have little interest in spending a ton of money on the transfer market.

Instead, the club structured deals to include performance bonuses and buy-back clauses to avoid spending a lot of up-front money unlike rivals Milan.

According to, Internazionale spent £72.52 million during the summer transfer window while bringing in £60.69 million from outgoing, leaving a deficit of just £11.84 million.

Compare that to the £175.05 million spent by AC Milan. Milan took in £28.8 million, leaving a deficit of £146.25 million.

On Monday, Inter Milan officials said they have secured €300 million in bonds that will mature in 2022.

According to Football Italia, the bonds will be used to pay off a €208 million loan to Goldman Sachs as well as “pay off a line of credit for short term working capital, pay for the general business needs of the club and pay the costs of issuing the bonds.” Goldman Sachs and UBI Banca are managing the bonds.

The website reported the club had debts of €637 million, but €221 million of that debt is actually to Suning Group.

So, does the new bond mean Interisti can expect big signings during the January transfer window? The short answer is no. I would expect Inter management to do very much the same as what they did during the summer.

If there are any deals to be made, they will be structured to include incentive money to soften the blow up front. Don’t expect Inter to go after Messi or Ronaldo, but they could structure deals to bring someone like Arturo Vidal, Javier Pastore, Ramires or Novara’s Alessio Da Cruz.

The goal here will likely be to bring the club to some level of profitability while utilizing talents already on Luciano Spalletti’s bench. There has been a lot of chatter recently about Manchester United’s interest being renewed for Ivan Perisic as well as Spanish giants Real Madrid looking to bring Mauro Icardi to Spain.

With the club being in the position it is in presently – first place after Napoli’s draw with Fiorentina – it would be highly unlikely that either of those players move away from the San Siro, especially with a fight for a Scudetto and European football on the horizon.