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Milan and Napoli have enjoyed the start to the season on the pitch, with results going their way, but the last few years have also been very successful from a financial point of view.
As highlighted by Gazzetta dello Sport this morning (see photo at the bottom), Milan and Napoli are at the top of the league, while also being two of the most lucrative clubs in Serie A. Indeed, the two are smiling not just for the results on the pitch, but also the revenue made in the process.
Both clubs, albeit in different ways, have created sustainable models through smart management; the only solution to survive given the unmatchable Premier League revenue.
Milan’s turnaround
After Silvio Berlusconi’s departure and the short Chinese ownership, Elliott Management restored Milan’s accounts by injecting hundreds of millions in equity and focusing on revenue growth. RedBird have continued on the same path, with CEO Giorgio Furlani confirmed as the club’s key figure.
Furthermore, a third consecutive profit is on the cards. The board of directors is scheduled to meet by the first week of October and confirm a new profit, in addition to record revenues (expected to exceed the €404 million in 2023-24).
The sporting project is at the heart of everything, and it’s no coincidence that the proceeds, including those from sales (Reijnders, Thiaw, Theo Hernandez, and Okafor being the main ones), have been reinvested in Nkunku, Jashari, Ricci, and Rabiot.
The Dutchman’s departure to Manchester City (for €57 million plus bonuses) has played a decisive role in getting the 2024-25 accounts to a profit. Not to mention that Milan collected around €80m from the Champions League adventure.
As for the shirt sponsorships, the revenue coming from Emirates, Puma, MSC, and Bitpanda in 2025-26 will be even higher than €70m. Football Benchmark now estimates Milan’s current enterprise value at €1.8 billion, or €1.75 billion net of financial debt. Few would have predicted that in 2018…
Napoli’s continuity
Unlike Milan, Napoli are not expected to register a third consecutive profit after the €140m in 2022-23 and 2023-24. However, the Partenopei’s model is still confirmed as confirmed by the two Scudetti and the financial accounts.
Aurelio De Laurentiis spent €151m in the last mercato, second only to Milan who ended up at around €158m. Having said that, Napoli’s figure could increase to almost €200m if Hojlund’s buy-out clause were to be triggered.
In effect, all the money from the departures of Kvaratskhelia and Osimhen has been reinvested, with an additional €10 million. This is nothing new for De Laurentiis, who has often done everything possible to please his coaches on the transfer market.
Returning to the 2024-25 accounts, the Georgian’s departure to PSG helped salvage a year that otherwise would have been quite poor, given the lack of revenue from European competitions. However, winning the Scudetto also played a significant role.
The revenue gap with the Rossoneri is notable, especially when looking at the shirt sponsorships (MSC and Sorgenia bring in €12 million). On the other hand, salaries are around €50m lower than the red and black club.
Furthermore, as of June 30, 2024, Napoli had net assets of €212 million and liquidity of €210 million, with Football Benchmark valuing the club at €1.1 billion.
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