Inter, DigitalBits paid nothing in 2022-23

The quarterly report as at 31 December 2022 of Inter Media and Communication, the company into which the media and sponsor revenues of the Nerazzurri come together, has cleared the field of doubts: DigitalBits has not paid any of the three 8 million installments agreed at the time of signing the contract as main sponsor of the viale della Liberazione club. Despite this, Zhang and his executives have decided not to remove Al Burgio’s company branding from the shirts.

RELEASE

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The quarterly Inter Media and Communication reports that “DigitalBits has not paid the basic fee of 24 million euros (of which the first installment of 8 million euros issued in June 2022, the second of 8 million euros issued in October 2022 and the last of 8 million euro issued in February 2023), in addition to not having paid bonuses to date triggered for a total amount of 1.25 million euro (of which 1 million euro in October 2022 and 0.25 million euros in January 2023). The partner has not yet presented the project, contractually envisaged, relating to the integration of the Group’s digital ecosystem, which has just been renewed by our club. We understand that the crisis in the cryptocurrency industry, which worsened during the second quarter of the year 2022, has significantly affected the client’s ability to meet their obligations. We reserve all actions and remedies in defense of our interests and contractual rights and, in the meantime, we have removed the partner logos from our website, billboards and youth and women’s team shirts, maintaining, for now, the presence of the sponsor on the first team jersey”.

WHY STAY

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DigitalBits had signed a contract with Inter as sleeve sponsor for 2021-22 plus a three-year contract as main sponsor with growing figures (24 million in 2022-23, 27 in 2023-24 and 30 in 2024-25) plus bonuses . The company paid in full the 5 million due as a sleeve sponsor and the 100,000 euros for the transition to the second round of the Champions League 2021-22. From then on, however, the transfers were interrupted: 1.6 million are missing as a bonus for the second place finish last season and for winning the last Coppa Italia. In addition, above all, the three installments of 8 million each for the sponsorship in 2022-23 are missing. The letter of cancellation for non-compliance could have started from viale della Liberazione, but Zhang preferred not to make this move and DigitalBits is still on the shirts of Brozovic and his companions. Why? There are three fundamental reasons: 1) not to impoverish the value of the shirt with which, for example, the Italian Super Cup was won; 2) not to lose value to the Nerazzurri brand; 3) protect yourself anywhere and demonstrate that Inter has fulfilled all contractual obligations despite the absence of payments.

FUTURE

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At this point it is practically obvious that DigitalBits will arrive at the end of the season on the Nerazzurri’s shirts, but it is equally clear that they have been looking for a new partner in viale della Liberazione for months. There are contacts with at least three companies, both overseas and on the Arabian peninsula. The goal is to close an agreement in the spring to confirm the growth trend in sponsorships that began with the signing of contracts with eBay and LeoVegas.

SUNING AND OAKTREE

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The Inter Media and Communication quarterly documents also show that, to support him, Suning has injected another 10 million into the club from the loan received in spring 2021 from Oaktree. The dialogue with the American fund is defined as constant. Suning still has around 120 million euros of the originally received funding available.