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AC Milan recorded a third straight year of profit last season, as figures revealed yesterday, and today, Felice Raimondo has looked at the figures.
There is a lot that can be said about the accounts, and in recent years, not much has been held back. In fact, there has often been a lot of focus on them, and the numbers that have been included in the reports.
Of course, this year’s profit was boosted by some important sales, which were widely debated throughout the summer. However, there can certainly be some revisiting of this, given how well Milan are doing this season.
It will be interesting to see how this year’s accounts look, especially after the purchase of San Siro and no European football to play.
An expert’s take on the accounts
Raimondo, an established journalist with a focus on the laws and fees, gave his view on the situation on his Substack.
“In summary, AC Milan 24/25 has confirmed a generally positive trend, with some historic records from 1994 to today in terms of revenue (thanks to capital gains) and a largely positive net worth.
“Sponsorship increases are disappointing (though they will increase in the current financial year), but overall the commercial side continues to generate revenue, which, along with sponsorships, has led the Rossoneri to the top spot in the Italian league in this specific revenue category.
“For fans who complain about profit being achieved solely through capital gains, a sign that undoubtedly denotes uncertainty (impossible to deny), I remind you that, unfortunately, the performances of Italian clubs are correlated with sporting results.
“Therefore, lacking English television rights, clubs must find alternative sources of income, such as commercial revenue + sponsorships (where Milan excels in Italy) and player management fees. We can’t earn much from the stadium until we own one.
“Consequently, today reaching the €500 million mark or more without player trading is practically impossible. Indeed, if there weren’t constant player trading, clubs could count on a lower cash flow (also to reinvest in the squad).
“Or perhaps some think that every year they could reach the Champions League final and play the Club World Cup at the same time, thus limiting capital gains? Or perhaps the dream is to have an owner who, with non-repayable capital increases or massive sponsorships (thus jeopardising UEFA compliance), allows the club to invest heavily in the squad regardless of sporting results and other revenues?
“Everyone is free to imagine the camel prince who comes from the desert dunes to Milan to restore the Rossoneri to their former glory.
“A €200 million capital increase, or perhaps an agreement with the Dubai Ministry of Tourism for a similar amount (after all, the fans will then have to talk to UEFA), a stellar transfer window… et voilà. This writer would be thrilled to take the rocket (rather than the elevator) back to the top of Europe. Who wouldn’t?
“But then comes reality and the pain of hitting the wall. A pain that will certainly be spared to readers of my column, conscious fans who don’t quench their thirst from poisoned wells but from content that has exuded quality and objectivity from 2016 to today.
English (US) ·