Inter and Milan clear their UEFA debts and leave the monitoring agreement
UEFA’s Club Financial Control Body closed the cycle of analyses of clubs under settlement agreements – and for the two Milan giants, the verdict was clean. Inter and Milan met all the financial targets imposed by the European body and are officially out of the enhanced supervision regime. Roma, for their part, still have homework to do.
What was at stake
It all started in the summer of 2022, when Inter, Milan and Roma signed settlement agreements with Nyon after breaching the financial balance rule. The context was heavy: the pandemic had devastated the finances of European football, and UEFA went as far as offering these agreements to all clubs that exceeded the maximum loss limit, recognising that COVID-19 had prevented corrective measures in time.
The numbers were significant. The Nerazzurri accumulated a deficit of €488 million between 2019-20 and 2021-22. The Rossoneri, €357 million over the same period.
Accounts in the black, targets met
Inter went through a consistent recovery trajectory. From a loss of €85 million in 2022-23, they reduced it to €36 million negative the following season and closed 2024-25 with the first profit in the club’s history: +€35 million. Milan were even more disciplined: three consecutive financial years in the positive, with results of +€6, +€4 and +€3 million respectively.
Both clubs beat the intermediate targets even before the final judgement. For that reason, they were never penalised with conditional fines or with player registration restrictions – measures UEFA usually applies in cases of partial non-compliance. The green light from Nyon confirms a real turnaround, not just an accounting one.
What changes from now on
In practice, little. Inter and Milan return to standard monitoring, the same as any other club competing in European competitions. They remain obliged to keep UEFA on their backs at every intermediate review. Occasional slips will not automatically trigger sanctions. That opens up room for manoeuvre – not unlimited, but real – to strengthen the squad more comfortably. Inter, who came out of their historic red, now have breathing space that did not exist three years ago. Milan, in turn, face a second consecutive year without Champions League revenue, which imposes its own limits.
Roma are still racing against the clock
The club from the capital presented a very different picture. The accumulated loss over the 2023-2025 triennium reached €238 million – four times above the permitted ceiling, although the trend is one of improvement. The result was a €2 million fine at the intermediate review, plus an additional €4 million for exceeding the squad cost ratio.
Roma’s agreement has not yet closed. The balance sheet ending on 30 June will also be under Nyon’s scrutiny, which forces the Friedkin club to generate significant revenue from player sales before the end of the month. The deadline is short. The margin, even smaller.
