4 days ago
9
At the Shareholders’ Meeting, AC Milan presented the results of its consolidated financial statement for the 2024-25 fiscal year, and a profit was confirmed.
As the official website confirm, Milan obtained a third consecutive year of profit for the first time in their modern history, and in the year in which the club turned 125. A consolidated positive result of €3m was recorded.
How did they achieve this? For the third year running, the Rossoneri set a new record for total revenue, which reached €494.5m, a 10% increase compared the 2023-24 season.
The key figures
The growth was driven principally by commercial revenue, including the balance sheet listings of ‘Sponsorship revenue’ and ‘Commercial revenues and royalties’. These amounted to a total of €152.3m, up by 6% from the season prior
There was also a positive change in audiovisual and media revenues, which increased by €1.9m. Furthermore, revenue from managing player rights also made a significant contribution, rising by 30.6%.
In particular, the financial results have shown a net increase in player registration rights of €14.3m compared with the previous financial year. By comparison, gross player investments have exceeded €250m over the last two seasons.
The year-on-year strengthening of the Club’s financial position – which has a positive consolidated net equity of €199m as of 30 June 2025 – ensures the partial mitigation of the impact of a season without the income linked to participation in European competitions. Net financial debt amounted to €92.6m, an increase of €43m compared to the 2023-24 financial year.
Looking to the future, the new stadium project will be key, and the news arrived today that San Siro and the surrounding areas has been bought by Milan and Inter for a total figure of €197m, so they are now the owners.
Now, it is over to Foster + Partners and MANICA to bring things to life, the architectural firms to whom the design of the new stadium has been entrusted
Breakdown of figures
Felice Raimondo has highlighted some of the more specific figures from the accounts which are of interest.
Main revenue indicators
➤ Total Group revenues of 494.5 million (historical record).
➤ Audiovisual revenues amounted to €154.2 million (up €2m), of which €83.4m derived from Serie A TV rights (down €15m due to the team’s worse league position) and €70.7m (up €16m) from the market pool and all UEFA prizes plus participation in the Supercoppa Italiana (which compensated for the lower number of matches in the European competition).
➤ Seasonal home game revenue remained stable at €69.5m (stable). Season ticket sales totalled 39,268, with an average attendance of 71,544.
➤ Sponsorship revenue reached €91.1m ( an all-time high), up half a million. Under the agreements, Emirates paid €21m, while Puma paid €25.3m.
➤ Commercial revenues and royalties amounted to €61.2m ( an all-time record ), up by €8.2m mainly attributable to the increase in e-commerce sales and the new store on Via Dante in Milan.
➤ Total sponsorships + commercial/royalties = €152.3m (an increase of approximately €9m, a historic record and an Italian record).
➤ Revenue from player rights management rose to €83.2m, thanks to capital gains.
Main cost indicators
➤ Total Group costs equal to €478.5m (historical record).
➤ Personnel costs increased slightly to €188.7m gross (+€6m). Overall, if we include players, coaches, managers, staff, and social security contributions, the gross cost reaches approximately €160m (32.3% of total revenues). For players alone, approximately €137.4m gross is spent, including fixed costs and bonuses (27.7% of total revenues).
➤ Depreciation and amortisation totalled €120m (up €27m), with player depreciation alone rising to €84m (up €9m). A substantial increase is due to the €11m write-down resulting from the suspension of the administrative process for the new stadium project in the Council of San Donato (and the resulting decision to build the stadium in Milan. The recent TAR ruling has nothing to do with the write-down).
➤ Costs for services and use of third-party assets remained stable at €107.2m (an all-time record), with an incidence of 21.6% on total revenues.
➤ Debts to player agents amounting to €14.9m.
➤ Squad cost as of June 30, 2025: 63% of relevant revenues (just below the 70% cap set by UEFA). The detailed explanation of the calculation, which is anything but trivial, is provided in the extended report.
English (US) ·