GdS: Milan to have most valuable shirt in Serie A – a breakdown of the figures

After signing a new deal with Emirates, AC Milan will soon take the crown of being the most valuable shirt in Serie A.

As La Gazzetta dello Sport (seen below) report this morning, there was a time – especially during Silvio Berlusconi’s latter years and the Chinese administration – that Milan fell into the sporting and financial abyss.

It seemed a long way back, but then came the Americans and everything changed. Elliott Management firstly put the accounts in order, then came the Scudetto and a deep Champions League run, leading to today’s position under RedBird Capital.

A shirt worth its weight in gold

The renewal with Emirates, made official yesterday, shows all of the above. It is a marriage that will last for more than two decades: after having been inaugurated in 2007, the new five-year contract will extend to 2031.

The previous agreement had already allowed Milan to gradually double their revenue: from a base €15m to €30m this season (€20-25m last season). Another upgrade will take effect next year.

La Gazzetta estimates €35m guaranteed by Emirates in 2026-27, with the prospect of rising to €40m over the course of the contract, also depending on bonuses. This increase will allow the Rossoneri club to boast the richest shirt in the entire Serie A.

Excluding technical partnerships and considering only commercial sponsorships, next season the count will be as follows: 35m from Emirates, plus €5m each from MSC Crociere (sleeve) and Bitpanda (back), for a total of €45m.

The rivals

First place in the league is assured, because the other big clubs have already finalised their contracts.  Inter will remain at this season’s figures, which see them in the lead.

They get €30m from Betsson (a four-year deal until 2028), €6m from sleeve sponsor Gate.io (if they don’t renew, they will be replaced by another partner with the same figures), and €5m from back sponsor U-Power (until 2027), for a total of €41m.

On the other hand, the Nerazzurri made the leap a year ago, after the bleak 2022-23 season, when DigitalBits/Zytara defaulted, and the bridging agreement with Paramount.

Juventus are further behind, far from the glory days of Cristiano Ronaldo but on the up. Last season, the Bianconeri took to the field without a commercial logo on the front, something they hadn’t done since 1980-81.

Now they have Jeep, who guarantee €19m: added to the co-sponsor Visit Detroit (€4m), WhiteBit (€5m for the sleeve) and Cygames (€4m for the back), to make €32m. In 2026-27 Juve will rise to €36m, by virtue of the increase foreseen by the partnership with the Exor car manufacturer.

What does it mean?

The extension with Emirates was secured with a spring blitz by CEO Giorgio Furlani in Dubai, the strategic hub in the key Middle Eastern market, where Casa Milan was inaugurated in 2023.

This represents another step in the growth path, accelerated by RedBird’s specific expertise and Gerry Cardinale’s connections in the media and entertainment sectors. Seven years ago, revenues from the entire commercial area had plummeted below €60m.

In 2023-24, they skyrocketed to €143m, and a further increase was recorded last year, thanks to the work done on the sponsorship and merchandising fronts under the leadership of Maikel Oettle.

The ‘dormant’ brand has been revitalised, maximising the potential of a Milan that during the Berlusconi era was the most popular Italian club abroad.

Of course, the European elite remains distant for all ours: from the main sponsor alone, the leading trio of Real Madrid, Manchester United and PSG earn €70m each.