October 23, (THEWILL) – AC Milan posted a profit for the first time in 17 years, the Italian football giants announced on Monday. The club reported a €6.1 million profit for the 2022/2023 season, recovering from a €66.5 million loss the previous year.
The profit was attributed to a 36% increase in total revenues to €404.5 million, a new club record. Commercial and sponsorship revenues rose €44.4 million, thanks to deep runs in Serie A and the UEFA Champions League. Media rights income grew €41.8 million and matchday takings were up €40.3 million.
In contrast, Milan’s rivals Inter Milan and Juventus continue to lose money. Juventus have not posted a profit since 2016/2017 and lost €124 million last season. Inter lost €85 million despite reaching the UCL final. Both clubs have relied on large capital injections to cover losses.
Milan’s financial turnaround comes in the first season under new owners RedBird Capital Partners, who acquired the club from rival US group, Elliott Management last summer. The club appears to be in a healthier financial position compared to other top Italian teams.
The profit marks a major accomplishment for Milan after years of heavy spending and losses. With stable ownership and rising commercial revenues, the club looks well-placed to compete financially with top rivals domestically and in Europe.
About the Author
Jude Obafemi is a versatile senior Correspondent at THEWILL Newspapers, excelling in sourcing, researching, and delivering sports news stories for both print and digital publications.
