AC Milan have unveiled the figures of their financial statements for 2025-26, confirming that the first loss under RedBird’s ownership has been registered.
After taking over the club from Elliott Management, RedBird Capital Partners started strong – at least financially – with three consecutive profits: €6.1m in 2022-23, €4.10m in 2023-24, and €3m in 2024-25. That run has come to an end with the 2025-26 financial statements, though.
Read SempreMilan ad-free and get access to exclusive news. Click here for a free trial!
The lack of Champions League revenue, or even Europa League revenue, more or less made it impossible for the Rossoneri to maintain their run. They did a good job of collecting a lot from capital gains, but it wasn’t enough in the end.
Milan’s official statement on 2025-26
This evening, AC Milan announced the key figures of the 2025-26 financial statements on their website, revealing a loss of €24m. That said, the revenue has remained in line with the last two seasons, even if that figure was affected by the lack of European competitions too.
“The Board of Directors of AC Milan has approved the draft financial statements for the fiscal year ended 30 June 2026, which will be submitted to the Shareholders’ Meeting for approval.
“AC Milan generated €464.6 million in revenue during the 2025/26 fiscal year, maintaining performance close to the record levels achieved in each of the previous two seasons. Revenue increased by 1.7% compared with 2023/24 and was only 6% below 2024/25, due to the absence of European competition.
“The Club’s core revenue streams continued to perform strongly. Commercial revenue continued to grow, driven by partnerships, with sponsorship revenue surpassing €100 million for the first time in AC Milan’s history.
“Matchday performance also remained robust, with AC Milan recording the highest average attendance in Serie A for the second consecutive season, welcoming more than 72,000 fans per match. The Club’s ongoing focus on operational excellence, financial discipline and efficiency initiatives also continued to support cost control.
“AC Milan’s brand continued its upward trajectory during the year. According to Brand Finance, the Club reached a record brand value of €514 million in 2026, representing 28% year-on-year growth and confirming AC Milan as the fastest-growing football brand in the world since 2021.
“The Club recorded a net loss of approximately €24 million, reflecting the temporary impact of not participating in European competitions while demonstrating the resilience and diversification of AC Milan’s business model.
“At year-end, net financial debt stood at €145.3 million, compared with approximately €92 million in the previous fiscal year, while shareholders’ equity totaled €176.4 million. The increase in debt primarily reflects the strategic use of credit facilities to support the Club’s investment program, growth initiatives and long-term development projects.
“With a strong financial foundation in place, AC Milan is now entering its next phase of growth, leveraging RedBird’s owner-operator model, which combines long-term capital with deep operational expertise. During the fiscal year, Massimo Calvelli was appointed Chief Executive Officer of AC Milan, while continuing to serve as an Operating Partner at RedBird.
“The Club’s sporting ambition remains at the center of its strategy and continues to be supported by substantial investment. At the same time, the new stadium project remains AC Milan’s most significant long-term transformational initiative.
“A major milestone was achieved during the financial year through the acquisition on 5 November 2025 of the San Siro Great Urban Function, including the Stadio Meazza and surrounding areas.
“The project is expected to enhance the Club’s long-term economic profile, unlock new growth opportunities and further strengthen AC Milan’s ability to invest sustainably in sporting success and global competitiveness,” the statement read.
100 million must be from players sales.
But losing money while not playing UCL because of players sales – is still crazy things to do.
Inter revenue still way above , 518 million, compared to Milan – revenue from players sales.
Hopefully Cardinale will change old direction?
100 generated from sponsorships, not from sales.
Revenue without European football was €464.6 million, which apparently has gone up by 1 percent from the year before.
The 24 million loss is probably down to players that were bought and no European money coming in and player sales.
The club mainly only stays in the green because of player sales and never the revenue generated from the stadium or competitions. So this is always going to be the case until the stadium is built.
Inter probably made that much in revenue because they were in European competition, but it is not much from AC Milan who were out of the Europe last season.
Considering we are consistently spend more on players than we do gain in sales that makes no sense. We spent 163m on players this window and sold for 87m. We can spend 50m and stay in the green if we made a loss of 24. In a champions league season we can spend 100-150m depending on how well we do. Then we have a 75m- we are allowed to go in a season before FFP punishes you, so technically we can spend close to 200m in a cl window without selling a player
That’s not how it works…
The annual spend is the amortised cost of fees plus wages and bonuses.
Ramos will cost us about 25-30M per season, potentially more with bonuses.
Moreira about 17-20M.
Gila about 15M.
Plus some smaller signings and salaries we are paying this year that we offloaded last season (mostly Chukwueze and Musah).
We’re also still paying the amortisation for players who are loaned out, most notably we’ll still be paying about 9-10M for Nkunku this season even though he’s not here, and somewhere around 7-9M for Fofana.
Now sales do work that way, so any sale or loan fee goes into this year’s revenue. So ~38M for Leao is income for this season alone. But this is where we need to start being able to sell and trade better.
Everyone scared of a ‘selling sporting director’ isn’t appreciating the value that sales bring to the ability to spent both on fees or wages. I’m oversimplifying here, but we effectively need a Leao-like sale every year for the next five years to offset SOME of the spending of this summer. Next summer Tomori and RLC come off the books and that will be about 15-20M ‘saved’ next season.
Yep, which is why Tare should have been kept. Neither Tare of Furlani were a problem. Everything was fine until the new year. All that was needed was a change of coach. I’m still not convinced by Amorim. I hope he’s learned and keeps learning!
My observations are obviously simplified but fact remains the same, over last 10 year period we have spent continuously more on players than we gained in sales, in other words we dont rely on sales for the club to survive.
100 million is from players sales. Plus 100 million is record from commercial revenues.
My point is, Inter’s 520+ revenues are generated with pretty small amount from players sales. Milan 460 are generated with 100 million of capital gain.
Thiaws 32 million, Hernandez 20, Okafor 10 jimenez 15, adli 5 bring most of revenues.
Basically that’s almost 200 million less than inters
Inter got money from competitiveness… winning serie a, coppa, plus champions league revenue.
Milan money comes from commercial plus trades.
Champions league is the important part here, while inter is a bit above us in general since they have been competing consistently. But they also spend significantly less then us on transfer market.
Champions League alone brought in close to €100 million.
Secondly, the earn about €30 million more than AC Milan in terms of domestic TV rights distribution.
Everybody knew that. They’re hoping the results will compensate, but in reality they gambled on a couple of players I’m not fully confident will deliver a return on the investment.
The scary part is that we all know that they want the CL or European competitions just for revenue. Not because they care about AC Milan or its history. Just to make money. We will never be competitive again I think.
You do realise you need money to be competative? Or you plan to buy players and pay them with old memories?
How competative you think we would had been now if we were stuck on 240-245 million in revenues per year like under the Berlusconi era or Yonghong Li?
They are just doing business with player sales.
They are not focusing on the result but they are focusing on raising value of players.
For example; Leao sales bring 28 million from capital gain. Right now Goncalo Ramos is much more valuable player on market. Leao is on much higher salary gross. Leao is older Ramos is younger.
Calculation is easy; Leao bring 28 million one time. That means they need around 72 million more to reach revenues from last season. Part of that amount will be get from playing europa league. So question is how much more they need to sell?
Leao departure cut costs from bigger salary so thats where big transfer from Ramos comes from – his yearly value is dropping 14,8 million, so for good player is easy to find buyer for 50+ million and make plusvalenza. Currently Ramos is much more valuable asset than Leao.
And Milan profit comes from players like Bartesaghi and now Cisse. Cisse value went up significantly when Leao departures make space for his play.
So by July 2027 we can expect 2 scenarios; one scenario is sale of loaned player like, Nkunku, Ricci, Gimenez and maybe Fofana, which will increase revenues from 10, 15 or up to 20 million, or sale one player for profit around 30 to up to 50 millions, of capital gain, to cut losses for 2026 2027 season.
The clear reasons…
– No European football in 2025–26 (No Champions League, No Europa League, or even No Conference League!).
– The sacking of Max Allegri and his coaching staff.
– The Firing and overhaul of the entire Management.
– Failing to qualify for the 2026–27 Champions League.
– Loan moves instead of generating direct transfer revenue from players who were no longer part of the project! Such as Fofana, Gimenez, Tomori, and Ricci.
– [The positive part] Spending more on new signings than in recent years. (even overpaid for Gonçalo Ramos).
So… with all this; €24 million loss, sound good to me…
Concidering that the absence from european football have costed us an estimated 70-80 million, thats good numbers.
Add 70 mil to revenues and we would have surpassed Inter with 16-17 mil and had a profit of around 45-50 instead.
There is a bit of a gamble with this summers mercato thou (big money spend and mainly loaning out unwanted players). We need to qualify for the CL, and adavance pretty far into the EL.
You understand the business side of football in pure simplistic terms.