The interest of a potential investor from Qatar has once again made headlines about Inter, with the media reporting that a fund linked to the AlThani family is evaluating the purchase of a minority stake in the Nerazzurri club. Even if the parties have not yet confirmed anything, the news rekindles the most pressing question: what is Inter's current value?
To make an immediate comparison, you can look at Milan, which moved from Elliott to RedBird Capital in 2022 with a valuation of 1.2 billion euros. Four years later, Inter, thanks to the economic results of the last year, can aim for higher figures. The most recent balance sheet shows revenues of 518 million euros and a profit of 22.7 million, a result that the club has achieved thanks to a more constant sporting competitiveness than that of Milan in the past.
By applying a multiplier between 3.5 and 3.9 times the turnover, we arrive at an enterprise value between 1.8 and 2 billion euros. This valuation method is common in the industry, as it takes into account the strength of revenues, sporting performance and growth prospects. However, Inter's value is not based only on balance sheet numbers: the new SanSiro project represents a key element. The purchase of the Meazza area, together with Milan, for 197 million euros, has given substance to an ambitious renovation project of the stadium, which could significantly increase revenue from ticketing, hospitality and commercial activities.
The new plant, although not yet built, will require billions in investments and will entail development times and investment risks. In the current valuation, the market already recognizes part of this potential, but not the final value once the project is completed. In other words, you are evaluating a project in development, not a finished stage.
As for Oaktree, divesting a minority stake would impact more than just immediate liquidity. The entry of a third-party investor, if confirmed, would allow the value of Inter to crystallize, setting a concrete price for the club's capital. The American fund could thus monetize part of its investment, reduce its exposure and maintain control of the company. The price of a share should be calculated taking into account the net financial debt and the rights recognized to the new member, but the main opportunity is to give a market value to Inter today without having to sell it.
In summary, Qatar's interest and the possible sale of a minority stake in Oaktree are pushing Inter to reconsider its value, which currently stands between 1.8 and 2 billion euros, thanks to both the economic results and the potential of the new SanSiro. The near future will be determined by the success of any negotiations with the AlThani fund and the realization of the stadium project, factors that will define the final price and the strategic direction of the Nerazzurri club.