The Inter Milan Transition – From Serie A Favorites To Underdogs | OneFootball

For three remarkable years, Inter Milan stood as Italian football’s most formidable force, being Serie A favorites every year.

The Nerazzurri’s leadership was nothing short of spectacular, securing their 20th Scudetto.

This as well as reaching two Champions League finals. All while dealing with the unstable time of ownership change.

From the financially troubled Chinese investors to American investment fund Oaktree Capital. Yet football, as always, has a way of humbling even the strongest teams.

That crushing 5-0 Champions League final defeat against PSG, and the heartbreaking loss of the Scudetto by a single point to Napoli marked the end of an era.

More significantly, it spelled the conclusion of Simone Inzaghi’s extraordinary cycle as Inter’s mastermind and tactician.

The End Of The Simone Inzaghi Era

MUNICH, GERMANY – MAY 31: Simone Inzaghi, Head Coach of FC Internazionale, looks dejected as he walks past the UEFA Champions League trophy after collecting his runners up medal. This after the defeat to Paris Saint-Germain during the UEFA Champions League Final 2025 between Paris Saint-Germain and FC Internazionale Milano at Munich Football Arena on May 31, 2025 in Munich, Germany. (Photo by Carl Recine/Getty Images)

Inzaghi’s departure to Saudi Arabia, secured with the USD 50 million for two years was the biggest contract in world football.

However it represented more than just a managerial change. In fact, it’s the closing of a chapter that propelled Inter to the top of global football.

The tactician who changed Inter into an unstoppable machine, who made the complex look easy, has moved on, leaving behind a legacy and a significant leadership gap.

New Leadership & New Challenges

MILAN, ITALY – MAY 22: (L-R) CEO Corporate FC Internazionale Alessandro Antonello, Oaktree’s Global Opportunities strategy Managing Director Katherine Ralph, Managing Director and Co-Head of Europe for Oaktree’s Global Opportunities strategy Alejandro Cano, CEO Sport FC Internazionale Giuseppe Marotta attend a meeting between FC Internazionale new owners Oaktree and Club’s Management on May 22, 2024 in Milan, Italy. (Photo by Guido De Bortoli/Getty Images)

Under Oaktree Capital’s stewardship, Inter enters uncharted territory, but with remarkable financial momentum.

When the Chinese owners defaulted on their loan in May 2024, the club was valued at €1.2 billion. Just over a year later, Inter’s valuation has soared to approximately €1.7 billion.

This dramatic increase reflects improved financial performance under Oaktree’s management, Furthermore, it demonstrates the American investment fund’s immediate impact on the club’s financial stability.

Yet financial success brings its own pressures. The American investment fund inherits a club in transition.

One that was faced with the delicate task of maintaining competitiveness while injecting fresh energy into a squad that has tasted both glory and bitter disappointment.

The challenge is multifaceted: how do you rebuild without destroying the foundation? How do you keep star players like Lautaro Martínez and Marcus Thuram motivated when the winning momentum has been interrupted?

These questions could be defining Inter’s current predicament.

Inter Milan In A Familiar Position Of Underdogs In Serie A & Europe

MILAN, ITALY – SEPTEMBER 21: Cristian Chivu, Head Coach of Internazionale, looks on prior to the Serie A match between FC Internazionale and US Sassuolo Calcio at Giuseppe Meazza Stadium on September 21, 2025 in Milan, Italy. (Photo by Marco Luzzani/Getty Images)

Perhaps most tellingly, Inter finds itself back in familiar territory, as the underdog, the team nobody expects to succeed.

With just 6 points from their opening 4 matches, compared to Napoli’s perfect 12-point four victory start, the Nerazzurri face an uphill battle that recalls their historically resilient character.

This isn’t necessarily unwelcome territory for Inter. The club has often thrived when written off, and criticized by the media.

However, when expectations are low and pressure is redirected elsewhere.

The question now is whether this new situation of Inter can channel that underdog spirit without the tactical genius of Inzaghi.

Inter Milan Serie A Title Charge – Financial Prudence Vs. Sporting Ambition

VERONA, ITALY – NOVEMBER 23: Giuseppe Marotta of FC Internazionale during the Serie A match between Verona and FC Internazionale at Stadio Marcantonio Bentegodi on November 23, 2024 in Verona, Italy. (Photo by Alessandro Sabattini/Getty Images)

The tension between Oaktree’s business acumen and Inter’s sporting needs has become increasingly apparent.

Reports suggest Oaktree has set a spending cap of €25 million per signing, with wages capped at no more than €2 million net per season for new arrivals.

This conservative approach directly addresses one of the biggest criticisms from last year. That is the lack of investment in new acquisitions. As voiced by angry fans.

While Oaktree has injected USD 52 million in capital into the club, their philosophy represents a stark departure from the free-spending era.

The American fund has made clear there will be “no crazy spending,” prioritizing financial sustainability over splashy signings.

This restrained approach has created friction within the club leadership.

Reports indicate that sporting director Beppe Marotta must convince Oaktree to “loosen the purse strings” for future transfer windows.

Furthermore, highlighting the ongoing tension between sporting ambition and the American financial discipline.

Can Inter Milan Win Serie A: On-Pitch Reality Check

MILAN, ITALY – AUGUST 25: Petar Sucic of Internazionale warms up prior to the Serie A match between FC Internazionale and Torino FC at Giuseppe Meazza Stadium on August 25, 2025 in Milan, Italy. (Photo by Marco Luzzani/Getty Images)

The conservative transfer strategy’s impact is showing up on the field.

Despite starting the current Serie A campaign with a solid 5-0 victory against Torino, with goals from Alessandro Bastoni, Marcus Thuram’s brace, Lautaro Martínez, and new start Ange-Yoan Bonny, questions remain about squad performance and consistency.

The early season form suggests a team still building its identity post-Inzaghi.

While individual talent from stars like Lautaro and Thuram will continue to deliver spectacular results.

However, the lack of significant reinforcements may affect sustained competitiveness throughout a long season.

Recent tactical analyses reveal a team caught between maintaining their established 3-5-2 system and adapting to new player constraints.

The departure of key players and limited replacements has forced Inter to rely heavily on their “usual suspects”, potentially leading to fatigue and predictability as the season progresses.

The Path Forward

MILAN, ITALY – AUGUST 25: Marcus Thuram of FC Internazionale celebrates with his team-mate Lautaro Martinez after scoring their team’s forth goal during the Serie A match between FC Internazionale and Torino FC at Giuseppe Meazza Stadium on August 25, 2025 in Milan, Italy. (Photo by Marco Luzzani/Getty Images)

Inter’s transition period will test every aspect of the club’s structure.

The new leadership must prove they understand not just the business of football, but its true nature.

They must find ways to honor the recent success while building something sustainable for the future. All within the constraints of their self-imposed spending limits.

For Lautaro and Thuram, this represents both challenge and opportunity. Can they step up as leaders in this new cycle? Can they help bridge the gap between past succeses and future ambitions?

What The Future Holds For Inter Milan In Serie A & Beyond

SEATTLE, WASHINGTON – JUNE 25: Francesco Esposito #94 of FC Internazionale Milano celebrates scoring his team’s first goal with Lautaro Martinez #10 during the FIFA Club World Cup 2025 group E match between FC Internazionale Milano and CA River Plate at Lumen Field on June 25, 2025 in Seattle, Washington. (Photo by Buda Mendes/Getty Images)

Inter Milan stands at a crossroads. The crazy successful days of Inzaghi’s empire have ended.

The ownership has changed, and the team faces the stark reality of starting over while trying to remain competitive.

Yet if history has taught us anything about Inter, it’s that they have a unique ability to rise when least expected.

This transition period may well define the next decade of Inter’s journey. Whether they emerge stronger or struggle to recapture their magic remains to be seen.

What’s certain is that the Nerazzurri faithful will be watching, hoping, and believing—as they always do—that their team can once again surprise the world.

The beautiful game waits for no one, and Inter Milan’s new chapter begins now.