Milan Finances 2023/24

Rewind

Milan’s 2023/24 financial results cover a season when they finished second in Serie A and were eliminated in the quarter-finals of the Coppa Italia. They only finished third in their Champions League group, but then dropped down to the Europa League, where they got to the quarter-finals.

Ownership

This was the second set of accounts reported under the ownership of US investment company RedBird Capital Partners, who purchased the club from Elliott Management in August 2022 in a €1.2bln deal that included a minority stake for Major League Baseball club, the New York Yankees.

RedBird already had some experience in the world of football via their controlling interest in French club Toulouse and an 11% stake in Fenway Sports Group, Liverpool’s owners.

Before and after the change in ownership, Milan have done pretty well on the pitch finishing in the top four in each of the last four seasons, including a league title in 2021/22.

Profit/(Loss) 2023/24

Milan posted a pre-tax profit for the second year in a row, though this fell slightly from €14m to €12m. Despite a poorer performance in the Champions League, revenue rose €9m (2%) from €400m to a new club record €409m.

There was significant growth in operating expenses, which increased by €54m (14%) from €386m to €440m, but this was largely offset by higher profit from player sales, up to €44m from just €226k.

Profit after tax dropped from €6m to €4m, due to an €8m tax charge.

Milan’s revenue growth was driven by commercial, which rose €33m (23%) from €146m to €179m, while income from player loans was up 21% to €8m.

However, there were decreases in the other revenue streams, due to less progress in the Champions League. Broadcasting fell €23m (13%) from €175m to €152m, while match day was down €4m (5%) from €73m to €69m.

As a technical aside, this international definition of Milan’s €409m revenue is different to the one used in the club accounts, which also includes a €45m gain on player sales and €3m change in inventory.

That gives total revenue of €457m, which was €52m (13%) higher than the prior year’s €405m, mostly due to the sharp increase in player sales. Even on this basis, this was another all-time high for the club.

As a result of Milan’s investment in the squad, wages increased by €15m (8%) from €174m to €189m and player amortisation rose €24m (48%) from €51m to €75m. Other expenses also climbed €10m (7%) from €134m to €144m, while exceptional charges more than doubled from €6m to €14m.