Inter Milan coach Antonio Conte stepped down by “mutual consent” on Wednesday. The resignation comes just weeks after he led the Nerazzurri to their first Serie A title in over a decade. Conte is said to be dissatisfied with the club’s decision to sell players during the upcoming transfer window due to financial constraints.
In May 2019, the former Chelsea and Juventus manager began a three-year contract worth an estimated 12 million euros (14 million dollars) per season.
The 51-year-old Italian has been at odds with the club’s cash-strapped owners, Suning, over planned cost cuts that would prevent him from putting together the team he wants to challenge at home and in Europe.
The Club stated, “FC Internazionale Milano can confirm that an agreement has been reached with Antonio Conte for the termination of his contract by mutual consent.”
“The club would like to thank Antonio for the extraordinary work that he has done, culminating in Inter’s 19th top-flight title. Antonio Conte will forever remain a part of our Club’s history.”
Last summer, his resignation was again predicted following the club’s Europa League final loss to Sevilla and second-place finish in the league behind Juventus.
Conte blamed the club’s lack of investment for their inability to contend this season in the Champions League, where they had failed to progress beyond the group stage in each of the last three seasons.
Inter’s finances were severely harmed by the coronavirus epidemic, as well as the team’s early expulsion from European competition, and the club was obliged to take out a large loan from Oaktree Capital in a recent financing arrangement with the American investment firm.
Suning and Steven Zhang, Inter’s owner and president, allegedly sought to cut the pay bill by 20% and generate a profit of roughly 100 million euros (122 million dollars) on the transfer market, most likely by selling at least one of the club’s most significant players.