October 23 – AC Milan’s have formally approved accounts for the year to June 30, 2023, showing club revenues exceeding €400 million for the first time.
The club, who were acquired by US investors RedBird Capital for $1.2 billion in August 2022, said that they have a strong platform for further revenue growth. RedBird have made a further €40 million investment to advance the New Stadium project.
The newly agreed Serie A domestic broadcast deal at €900 million per season will bring some forward stability to the revenue position, though European competition will be crucial to future revenue.
The financial statement shows a profit for the first time since 2006, notably with a favourable consolidated outcome of €6.1 million. This achievement stands out as it’s independent of capital gains from player trading.
The revenue surge to €404.5 million, marked an impressive 36% increase compared to the previous financial year.
Notably, the boost was fuelled by a €44.4 million increase in commercial income and sponsorships, and a €41.8 million uptick from media and TV rights – driven by their progress to the Champions League semi-finals.
Matchday and season ticket revenues jumped by €40.3 million on the back of the on-field success.
The financial statement reported a positive cash flow of €78 million from operating activities, a significant improvement compared to the prior year’s €47 million.
The club showed €50.5 million profit on player trading, which will be further enhanced by the recent transfer deals.
Paolo Scaroni, Chairman of AC Milan, commented: “Combining sporting performance, global competitiveness and financial sustainability in football, when on a virtuous path, is possible: the financial statement that has just been approved is a testament to that. This marks an important step in our Club’s history with a return to net profit after 17 years. We are heading towards a new important chapter of evolution in the development of our Club, supported and made possible by Gerry Cardinale’s strategic vision, the expertise of RedBird, the competence and determination of the entire management team led by our CEO Giorgio Furlani, and the talent of our teams, who will continue to thrill and excite our fans.”
Contact the writer of this report, Harry Ewing, at email@example.com