"Hello, Mr. Gao, what would you like to drink?"
"Espresso, thank you."
"Alright, please wait a moment."
After attending the post-match press conference, Gao Shen appeared at a café in the VIP area of the Meazza Stadium.
Although the stadium was not owned by either Inter Milan or AC Milan, some basic facilities were still in place. However, it could not be as highly commercialized as the stadiums of clubs like those in the Premier League or Real Madrid, which own their home grounds.
For Serie A teams, such a source of revenue was extremely tempting, and many clubs were trying various ways to obtain it.
Juventus had taken a different route, securing a 99-year lease to build their own new stadium. Napoli also opted for a long-term lease, upgrading the San Paolo Stadium, which significantly boosted both clubs' revenue.
In comparison, the two Milan giants were clearly at a disadvantage in this respect.
Angelo Moratti sat next to Gao Shen. Both of them faced the window.
Outside, under the night sky, Inter Milan fans poured out of the stadium's various exits like a receding tide, but at this moment, their mood was undoubtedly bleak.
"You know," Angelo Moratti began directly, "Inter Milan is really special to our family, especially to me and my father."
He and Gao Shen were not close friends, nor had they spoken much before. But Gao Shen could sense something unusual in his tone.
The Moratti family was undeniably one of Italy's wealthiest, having made their fortune in the oil business. They maintained connections with many influential figures across politics and business.
For instance, the younger Moratti sitting across from Gao Shen had been married—well, now divorced—to Roberta Armani, the niece of Giorgio Armani, founder of the renowned fashion brand. Roberta was once considered the most likely heir to the Armani empire.
Their marriage ended in 2007.
Meanwhile, Massimo Moratti's older brother, Gianmarco Moratti, the current head of the family, had been married twice. His current wife was Letizia Moratti, a prominent figure in Italian politics. She had served as the chairwoman of Italy's national broadcasting company, as Minister of Education during Berlusconi's administration, and as the mayor of Milan.
This alone reflected the Moratti family's status in Italy.
But even the wealthiest families had their own troubles.
It was well known that Massimo Moratti, Angelo's father, was obsessed with football. He barely participated in the family business, devoting all his attention to Inter Milan for decades. His passion for the club ran deep.
However, Gao Shen, always cautious by nature, had his doubts.
Was Massimo truly uninterested in the family business? Or was he simply unable to interfere?
Gao Shen had seen plenty of similar situations during his business career in his previous life.
In many wealthy families, the capable elder brother held absolute control over the family business, while the younger brother had no real power—just an allowance and a title, nothing more than a decorative figure.
In such cases, younger brothers often sought other ways to prove themselves. Sometimes, the family business hit rough patches, giving the younger sibling an opening to carve out their own path, even if their success depended on whether the elder brother was willing to help.
Gao Shen had witnessed countless examples of such dynamics.
Some younger brothers even secretly started companies, poaching talent from the family business. Everyone knew, but the head of the family turned a blind eye.
At its core, it was all human nature.
The behind-the-scenes dealings of wealthy Italian clubs were probably no cleaner than those of their Chinese counterparts.
Although Angelo Moratti's words seemed vague, they hinted at more than what was being said.
…
The coffee was served.
Italian espresso was bitter, but Gao Shen liked it.
Whether in his past life or this one, he always ordered either espresso or Americano.
Drinking it, he could even taste a hint of sweetness behind the bitterness.
What Angelo Moratti really wanted to ask was: where should Inter Milan go from here?
From the current lineup structure, Inter Milan's problems were serious.
The squad's high average age had led to a sharp decline in overall competitiveness. Meanwhile, the wage bill remained high, putting significant financial pressure on the club without matching results.
Gao Shen believed that Inter Milan should have started rebuilding as early as this summer—or even earlier.
"To be honest," Gao Shen said bluntly, "I think Inter Milan's problems lie mainly in management, especially at the ownership level. But these issues are magnified at every level of the club hierarchy."
Now that they were having this conversation, Gao Shen didn't hold back. He spoke directly.
Angelo Moratti had always treated him well and had invited him several times to coach Inter Milan.
"We all know that in European football, or specifically in Serie A, each club has its own place within the ecosystem. Every position comes with its own rules and ways of operating."
Angelo Moratti nodded. Of course, he understood this.
From a purely success-driven perspective, some clubs pursue a high-investment, high-return model, like Real Madrid and Barcelona.
This isn't simply about the membership system these clubs use. The real key lies in their operating models.
Through heavy investment, they attract the best superstars, build highly competitive squads, play the most entertaining football, attract the largest fan bases, maximize commercial value, and then reinvest the profits back into the team, creating a self-reinforcing cycle of success both on and off the pitch.
The better the results, the greater the business success. The greater the profits, the more they can invest in top players. And the top players, in turn, bring better results.
It forms a logical closed loop.
When did people first realize that this model worked?
It was during Florentino's first Galácticos era at Real Madrid.
Before that, Manchester United had been the most commercially successful football club in the world, largely thanks to Beckham. After winning the treble in 1999, United had achieved great sporting success, but their commercial appeal had limits, especially after witnessing the sensation caused by Florentino signing Figo.
However, Manchester United struggled to replicate that success when bringing in players like Veron. Meanwhile, Real Madrid's acquisition of Zidane helped the club win the Champions League, successfully completing the cycle of high investment leading to both business and sporting success.
Even though the first Galácticos project later fell apart, the excitement it generated left a lasting impact on European football.
Soon after, Barcelona began to follow a similar path.
Many might not realize that when Barcelona were building their squad in 2003, their first choice was Beckham, not Ronaldinho. After Beckham chose Real Madrid, Barcelona turned to Ronaldinho, snatching him away from Manchester United.
At that time, few believed Ronaldinho would achieve what he did.
But he was already recognized as a footballing genius.
Since 2003, Real Madrid continued to push the commercial side but struggled competitively. Barcelona, however, achieved success both on and off the pitch with their Dream Team II. Packaging Ronaldinho as a global football magician was itself a massive commercial success.
This was how the two-giant era of Spanish football was born.
In fact, these two clubs remain the only ones in European football history to have successfully combined commercial and sporting dominance, proving the viability of the high-investment, high-return approach.
Manchester City was now on the same path.
Their current spending spree aimed to accelerate sporting success, which would then stimulate commercial growth, increase revenue, and eventually achieve stability in both competition and business.
But this model also comes with high risks. If the return on investment is poor, high spending quickly turns into high risk.
This was evident at the end of Real Madrid's first Galácticos era.
It was also the case at Manchester United after Ferguson's retirement, when the club spent heavily year after year without improving results.
Or Barcelona's post-Neymar years, when they spent recklessly and ended up deeply in debt.
Juventus had followed a similar path after signing Cristiano Ronaldo, hoping to join the ranks of Europe's true giants. But the plan failed.
Aside from the high-risk, high-reward model, there is also the lower-risk approach.
This is the path taken by teams like Atlético Madrid, Tottenham, Liverpool before their Champions League win, Juventus before Ronaldo's arrival, and Borussia Dortmund. These clubs focus on cost-effective investments and youth development, avoiding financial risks while still remaining competitive.
The downside of this approach is the lack of top-tier superstars, which limits both competitiveness and commercial appeal.
But when the matches begin, results on the pitch are never guaranteed by spending alone.
Low- to medium-risk investment remains the mainstream in European football. The high-risk model is rare and usually only viable for teams at the very top of the food chain.
In fact, after Ferguson retired, Manchester United continued their massive spending primarily to maintain their status as a global giant. Otherwise, the club would have lost its "godhood" long ago.
Manchester City was now at a critical stage of forging that godhood, laying the foundation to become a true powerhouse.
And in modern European football, that godhood is defined by winning the Champions League.
Over the past few years, Inter Milan, like Manchester City and Chelsea, had relied heavily on the financial backing of their owners. Whether due to the Italian football environment or Moratti's own mismanagement, the club never established a stable, self-sustaining business model.
Now, Moratti had run out of money.
(To be continued.)