recognition

MILAN — Milan’s two first-division soccer teams share a stadium, the majestic San Siro, and the top two spots in the Serie A standings. They each have American owners and fanatically loyal supporters. And both are among the most iconic and successful teams in history.

But that’s where the similarities wane. Because while Inter Milan believes it has a story to tell, AC Milan has locked the doors, drawn the drapes and taken the phone off the hook.

I know this because ahead of last month’s Milan-Cortina Winter Games I reached out to both clubs and asked if they might have some time to visit. AC Milan proved too busy to chat, but Inter Milan invited me to its training center, hidden among farm fields and quiet pastures 45 minutes from the city. Those humble surroundings proved to be at odds with the lofty global reach the team is trying to build.

“I would say it’s leveraging more around Italian history and then the history of the club,” Giorgio Ricci, Inter Milan’s chief revenue officer, said of the image the club is trying to market. “A city like Milano is now a real ambassador of that Italian culture, from lifestyle to design to food and whatever. But we [also] have the authentic history around the foundation of this club. It’s a story not of globalization but of internationalization.

“So there is always this dualism between being very strong[ly] rooted in the city of Milan, in the real core, and having this international attitude. It’s quite a unique and winning combination.”

The Inter in Inter Milan, after all, is short for Internazionale, Italian for international.

“It shall be called Internazionale, because we are brothers of the world,” said Giorgio Muggiani when he helped start the team in 1908. He later lent his talents as an artist and illustrator to the fascist movement of Benito Mussolini.

Inter Milan is in the fifth year of its latest and boldest transition, one that is taking it from being just a soccer club into being a lifestyle and fashion-focused brand, a transition that, as Ricci said, will trade on its history as an international club and its location in one of the fashion capitals of the world.

It’s a model that was pioneered by French club Paris Saint-Germain, which nine years ago began partnering with Dior, Jordan Brand, Levi Strauss and others. Inter has teamed with Italian menswear brand Canali, created a new digital ecosystem that has won it a significant increase in video views and user engagement and has launched non-sporting merchandise such as streetwear accessories to accompany the rebrand.

“We are a football club,” Ricci said. “But in order to grow, we need to become a global football brand.”

And it has begun to do that. Deloitte, the British professional services company which does an annual ranking of soccer club revenues, says Inter brought in more than $620 million in 2024-25, the most recent season for which figures are available. That’s 11th best in the world and a jump of about 70% and eight places from where the club was a decade ago, when it was just the fourth-most-profitable club in Italy.

Inter Milan’s Hakan Calhanoglu celebrates after scoring on a penalty shot against Genoa on Feb. 28.

(Marco Luzzani / Getty Images)

In an effort to tell that story and continue that growth, Inter collaborated with Spike Lee on a short film titled “My Name Is My Story,” in which Lee narrated the club’s history and identity, introducing it to a U.S. audience during last summer’s Club World Cup.

Inter isn’t going it alone though. All of Italian football is in the midst of a long-needed overhaul.

A generation ago, Serie A was the best soccer league in the world. It had players like Roberto Baggio, Jurgen Klinsmann, Alessandro Del Piero, Ronaldo, George Weah and Diego Maradona and its wealthy, deep-pocketed owners sent Italian teams to nine Champions League finals between 1989-99.

Since then the league has struggled to market its product globally, lost many of its top players to better pay in other European leagues, found potential revenue streams closed off by aging, crumbling infrastructure, and saw its reputation and credibility damaged by the 2006 Calciopoli scandal, which centered on the manipulation of referee appointments to favor certain clubs.

An influx of U.S.-based owners is helping turn that around. Eight of Serie A’s 20 teams have American owners and Ricci says they have not only brought much-needed investment to the league but they’ve brought ideas on how to market Italian soccer.

“Some are only bringing money, yeah. Others are bringing also a vision and an ambition,” Ricci said. “Our ownership is exactly bringing that. Bringing the North American culture of not seeing only constraints and barriers in the development of a project [but] having the ambition, far-sighted[ness] and working on building a dream.

“That is exactly what Serie A needs: a bit of a dream and a bit of a vision to dare a bit more and not be too conservative. We need a few leading and having vision and bringing that dream.”

A big part of that dream and vision in Milan is a new stadium, one that will replace the century-old San Siro with a 71,500-seat arena at the center of a $1.4-billion urban-regeneration plan funded primarily by RedBird Capital, AC Milan’s New York-based owner, and Oaktree Capital Management, the Los Angeles-based company that owns Inter Milan.

For Inter Milan that investment, the club hopes, will transform the game-day experience not just for well-heeled corporate types but for the team’s diehard fans. I’m still waiting to hear what AC Milan’s plans are.

“I’m not only talking about corporate clients and things like that,” Ricci said. “That, of course, will benefit from a new state-of-the-art venue with the facilities, restaurants, whatever. But also for general [admission]. As soon as they step into a new venue with better seats, in terms of sound, in terms of video, audio and all the entertainment, we are going to increase the perception of each kind of spectator you have in the venue.”

Is it a gamble? Sure, but then very few things in sports are a sure bet. Yet for Inter Milan, at least, that vision and the story behind it are worth telling.

⚽ You have read the latest installment of On Soccer with Kevin Baxter. The weekly column takes you behind the scenes and shines a spotlight on unique stories. Listen to Baxter on this week’s episode of the “Corner of the Galaxy” podcast.

Caracas, March 13, 2026 (venezuelanalysis.com) – Venezuelan Acting President Delcy Rodríguez welcomed on Wednesday the formal recognition granted by the United States government to her administration as the South American country’s “sole” and legitimate authority.

Rodríguez argued that Washington’s decision goes beyond any individual figure or government. 

“It is not recognition of a person or a government; it is recognition of a country so that it is able to recover its life,” she said during a televised broadcast, referring to the impact of wide-reaching US unilateral coercive measures imposed since 2015.

The Venezuelan leader affirmed that the diplomatic move could help advance “national unity” and contribute to the “normalization” of the country’s political, economic, and social life. “What matters to me is that this can bring a process of reordering and normalization,” she added.

The recognition was communicated by Manhattan US Attorney Jay Clayton in a “statement of interest” addressed to federal Judge Sarah Netburn. Clayton is likewise heading the prosecution in the US Justice Department’s case against Venezuelan President Nicolás Maduro.

Maduro was kidnapped by US special forces alongside First Lady Cilia Flores on January 3 during a military operation. The pair has pleaded not guilty to charges including drug trafficking conspiracy and will face a hearing on March 26. US officials have not provided evidence tying Venezuelan high-ranking officials to narcotics activities, while specialized reports have consistently found Venezuela to play a marginal role in global drug trafficking.

Clayton’s missive referenced a letter from State Department official Michael Kozak which identified Rodríguez as Venezuela’s “sole Head of State.” Kozak’s letter expressed the Trump administration’s argument that the recognition will help advance US interests in the Caribbean nation.

Trump publicly acknowledged Washington’s recognition of the Venezuelan government for the first time during the Shield of the Americas Summit on March 7. The White House argued that its stance would contribute to Venezuelan stability and economic recovery, as well as create the conditions for “a peaceful transition toward a democratically elected government.”

Caracas and Washington reestablished diplomatic ties on March 5 and have taken steps to reopen their respective embassies and consulates. The Maduro government severed ties with the first Trump administration in 2019 when the latter recognized then–National Assembly president Juan Guaidó as Venezuela’s “interim president.”

Kozak reiterated in his letter that since January 23, 2019, the US has not recognized Maduro as Venezuela’s head of state and that this position had not changed. 

“Maduro is an accused narco-terrorist awaiting trial in a US federal court for his crimes,” the document read. The Venezuelan president’s defense team is expected to argue that Maduro should be entitled to immunity from prosecution as a sitting head of state.

Washington’s formal recognition of the acting government in Caracas could also have implications for Venezuelan assets abroad. Since 2019, several bank accounts and US-based Venezuelan refiner CITGO have been frozen or under the control of the US-backed opposition.

The White House’s move will also pave the way for renegotiations surrounding Venezuela’s sizable sovereign debt, with creditors eager for a potential windfall after buying defaulted bonds at very depressed prices.

While Clayton’s address identified Rodríguez as the only person “able to take action on behalf of Venezuela,” US authorities have not clarified whether the Venezuelan government will retake control of its US-based assets.

In addition, the Justice Department attorney declined to take a position regarding “which counsel is authorized to represent certain Venezuelan state-owned entities.” On Thursday, Judge Netburn requested further clarification from the administration regarding the representation of Venezuelan interests before US courts before March 26.

In her Wednesday address, Rodríguez went on to acknowledge “daily exchanges” with US counterparts and expressed “gratefulness” for the reestablishment of trade relations. The acting president stated that Venezuela has imported medical equipment and medicines from US companies in recent weeks.

Since early 2026, the Trump administration taken direct control of revenues generated by Venezuelan oil exports, depositing funds into accounts held by the US Treasury. Around a quarter of an initial US $2 billion crude sale agreement has reportedly been returned to Caracas.

Recently issued US licenses allowing transactions in the Venezuelan oil and mining sectors likewise mandate that proceeds be deposited in Treasury-run accounts.

US officials have claimed that Venezuelan authorities need to submit a “budget request” to access the country’s funds and will only be allowed to import goods and services from US manufacturers.

Edited and with additional reporting by Ricardo Vaz in Caracas.