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Paolo Scaroni has once again spoken about AC Milan’s project at length, from the new stadium plans to the accounts.
Milan continue to be run in an enviable way when it comes to the balance sheets, as they generated a profit in 2024-25 for the third season in a row. The issue is that the performances on the field have not always matched, with the team finishing in eighth place in the league last season.
That means no European football in the current campaign and thus a lot of revenue missed out on, which once again reignites the debate about needing to invest to recoup down the line, and whether this ownership – RedBird Capital – are ambitious enough.
Scaroni on stadium, finances and more
Scaroni gave a lengthy interview to the business channel Class CNBC in which he discussed various topics regarding Milan and its ownership. His comments were transcribed by MilanNews.
What is the latest with the stadium?
“November 5th [the day the deed for the purchase of San Siro by Milan and Inter was signed] was a crucial date for me because I dedicated so much time to the stadium project. At first, when I said Milan needed a new stadium, people thought I was crazy because San Siro already exists, and it’s so beautiful.
“I realised that many people didn’t know what a modern stadium was. Then, as time went by, perhaps also thanks to television showing stadiums abroad, I saw a change of opinion where some people began to think we should also have stadiums as beautiful as those abroad.
“This change of opinion was also evident in the city administration. The investment in San Donato made it clear that we were very determined to have a new stadium, so much so that we were even willing to leave Milan.
“Gradually, the Milan city administration began to become aware of the issue and has been very efficient in recent times because purchasing such a site in the city center would have been complicated anywhere, not just in Italy.”
What will the new stadium look like?
“It will be a very vertical stadium, more so than the San Siro already is. It will be a technologically advanced facility, with an area reserved for corporate clients and major clubs, which are the ones that generate high revenue and thus allow lower prices for other sectors.
“We will have a modern stadium for Milan and for both teams. We should have the stadium ready by 2030. The design should be completed between June and July 2026, then there will be a conference of services that will fully launch the project.
“Work will begin in 2027 and be completed in 2030. Only after the new stadium is built will we think about the future of San Siro.”
Will there be more revenue streams from it?
“It will be inhabited every day. The area will be used all week, unlike the current San Siro. Revenue will come from this use, and then there will be space for businesses. We expect a doubling of stadium revenue, this is very important.”
The accounts are looking healthy…
“We’ve doubled AC Milan’s revenue, regardless of the transfer market. Without the Champions League, it won’t be easy to make it four years in a row, but I’m not pessimistic about that either.”
What is the debt situation?
“We have a very small debt, around €70m. We continue to invest in players: we’ve spent €250m in the last two years on new contracts for new players. We’re actually continuing to generate cash.”
How do you find a balance between financial and on-field results?
“The world has changed: there’s no longer a single individual who finances without looking at the accounts. We’re all subject to Financial Fair Play, so we’re all forced to have healthy and sustainable balance sheets. We must have sustainable balance sheets to continue offering the best possible football.”
What is Gerry Cardinale like as an owner?
“He created a fund dedicated to sports, and AC Milan was his major investment. He brought skills to AC Milan that we didn’t have. If we doubled our revenue, it’s also thanks to his intervention and how he helped us grow.
“Cardinale has a long-term plan, he will remain a shareholder of AC Milan for a long time, that’s his goal. We always hear from him; he’s always active and present.
“Regarding the stadium issue, he brings knowledge of a fund that has created several stadiums. He brought people to the club who understand what a modern facility should be like.”
What are the challenges Serie A faces?
“Serie A earns €200m a year from international TV rights, the Premier League €2.2bn, and La Liga €700-€800m, which is explained by the fact that in recent years they’ve had two great champions in Messi and Cristiano Ronaldo.
“The gap with the Premier League needs to be filled, but obviously there are many things to do, including new stadiums, because having beautiful, fully-filled stadiums is the basis for achieving a certain level of television impact. I’m convinced that after San Siro, many other stadiums will be built in Italy.”
Has the Milan-Como Australia plan fallen through?
“One of the ideas we pursued was to go to Australia to promote Italian football, not to make a financial deal that doesn’t exist. I haven’t given up on this issue yet, but there are so many authorisations to obtain that I’m starting to get worried.
“If it falls through, it would be a missed opportunity for Serie A, because our goal is to make Serie A attractive around the world.”
Do you believe in the Scudetto?
“I’ve only won one Scudetto, and it was unforgettable. I could talk about that Scudetto for hours. Isn’t winning Milan’s priority? In European football, winning is everything. In other sports, the need to win is perhaps less acute than in football, where winning is everything.”
Finally, hopes for 2026?
“I hope that the Italian national team can return to play in a World Cup because it’s been too long since we’ve done so.”
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