By Andrea Caropreso
Index
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RedBird’s Milan has embarked on a new path. Massimiliano Allegri has returned to the bench, while a new sporting director, Tare, has been appointed to restore order to the club’s management structure, which in recent years had made too many mistakes. These errors not only cost Milan on the pitch but inevitably affected the financial results, with the balance sheet closed on June 30.
The 2024 Financial Statements
The 2023/24 accounts highlighted a strong dependence on television rights revenues, the most significant component, followed by stadium income, sponsorships, and commercial activities. Added to these were capital gains from transfer operations. Like many European clubs, Milan is forced to rely on player sales to keep operations sustainable—a mechanism that provides short-term relief but requires structural revenue growth in the long run.
| Item | Value |
|---|---|
| Total revenues (production) | €456.9–€457 million |
| Consolidated net profit | €4.1 million |
| Net equity | about €196.3 million |
| Net investments in the transfer market (last two windows) | over €100 million, net of sales |
In 2023/24, Milan set a new revenue record, reaching €456.9 million, alongside a second-place Serie A finish. Just a year earlier, revenues stood at €404.5 million, showing strong growth. At the same time, costs also rose significantly, from €389.6 million to €443.7 million, an increase of more than €54 million.
Breaking down revenues, TV rights exceeded €152 million (though down from €174.9 million in 2022/23). Capital gains surged to nearly €45 million (compared to less than €0.3 million the previous year). Additional proceeds from player management totaled €3.4 million, down from €6.2 million in 2022/23.
The 2025 Estimates
Looking ahead to 2025, while awaiting official figures, two scenarios are possible.
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Optimistic: revenues rise slightly to around €458 million despite poor domestic and European campaigns, with costs at about €441 million, leading to a small profit of €3.7 million.
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Pessimistic: TV rights revenues drop (due to missed qualifications or unfavorable UEFA revenue distribution). In this case, revenues could fall to €369 million while costs remain stable or increase slightly, resulting in losses.
| Item | Forecast (2024/25) |
|---|---|
| Net result | Loss of about €25 million |
| Revenues | Slight decrease compared to 2023/24 |
| Costs | Slightly higher than in 2023/24 |
| Squad cost (wages + amortization) | +€20m, from €155–160m to €175m |
A key factor will be squad costs. The managerial change sparked a roster overhaul, leading to €20 million more in wages and amortizations.
Strategies for the Future
Milan’s primary target is a return to the Champions League. The financial boost (around €60 million) is vital for Italian clubs.
Meanwhile, the stadium issue remains central. A new stadium, even if shared with Inter, would modernize the club and bring revenues closer to European rivals. Matchday revenues could double, debts could be reduced, and higher-quality signings would become feasible. Despite protests, RedBird is working toward this goal.
