Another sign of Serie A’s improving financial health: AC Milan has reported its first club profits since 2006.
On the heels of a critical set of the league’s new domestic media rights agreements, the club said it posted a $6.49 million profit for the year ended June 30 on club-record revenue of $430.5 million — up by 36% from a year ago.
Fueling the increases were a series of on- and off-field successes, including reaching the 2023 UEFA Champions League semifinals and recording meaningful gains in core revenue streams such as ticket sales, media rights, and sponsorships.
“This marks an important step in our club’s history with a return to net profit after 17 years,” said Paolo Scaroni, AC Milan chairman. “We are heading towards a new, important chapter of evolution in the development of our club.”
That chapter includes new ownership led by U.S.-based private equity firm RedBird Capital, which purchased the club last year in a $1.3 billion deal also involving the New York Yankees and LeBron James, plus initial steps toward a potential stadium development in the Milan suburb of San Donato.
To that end, the latest financial report includes an investment of $42.6 million “aimed at resolutely advancing the project for a new stadium.”
“Combining sports performance, global competitiveness, and financial sustainability in football, when on a virtuous path, is possible,” Scaroni said.
AC Milan’s biggest rivals, Inter Milan and Juventus, both continue to lose money.
More must-reads: