AC Milan and Juventus will do battle on the field this weekend, while off the field their financial journeys have been very different.
As La Gazzetta dello Sport write, reading the financial statements of Milan and Juventus is a journey of light and shade, virtuosity and imbalance. Above all, it captures the gulf between the two managements since Covid.
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The Rossoneri were in crisis at that time, and the Bianconeri dominant in Italian football. Then, some did their homework well, the others were undisciplined. The result lies, quite simply, in the bottom line of the income statement.
At Milan, under various ownerships, 15 consecutive financial statements had been reported as loss-making. The last positive result dated back to 2006. Then, three consecutive years of profit materialized: €6m in 2022-23, €4m in 2023-24, €3m in 2024-25.
Since RedBird took over from Singer’s fund in the summer of 2022, Gerry Cardinale has only posted profits. Last season, the sale of Reijnders to Manchester City for €55m was decisive, with a €42m capital gain recorded in June.
Juventus, for their part, closed yet another financial year in the red: the eighth in a row, with an aggregate loss of €999m.
Debts and squad costs
The difference also lies in the cash flow. As of June 30 2025, Milan – which unlike Juve and Inter have no bonds – had net debt of €93m, compared to the Bianconeri’s €280m. Their net worth at the same date? Milan’s was positive by a staggering €199m, thanks largely to significant equity injections from Elliott.
Juventus not surprisingly have had to resort to its fourth recapitalisation since 2019 (€13m). Another €98 million was injected a few months ago, for a total of €998m paid out by shareholders, primarily Exor.
Moreover, the very nature of the ownership structure is what drives the divergence between the two managements. Milan, with RedBird, are thinking with a view to self-sufficiency, because Cardinale has imposed strict spending limits.
Look at the cost of the squad, which is the sum of the salaries of the registered players and the amortisation of the transfer fees: €244m for the Milanese club last season, almost €100m less than Juventus (€337m).
It’s in wages that Milan’s policy has marked a gap with its competitors: compared to 2019-20, the figure has increased (from €145m to €160m), but by a significantly lower amount than the growth in revenue (from €164m to €411m).
For John Elkann, however, Juve are an exception. Exor operates with the same mentality as a private equity fund, but not in the case of the team it has owned for over a century. It’s clear: the Turin family also wants to find a solution, but without it becoming an obsession. They will open their wallet if needed.
Champions League Factor
AC Milan itself knows how crucial UEFA money us. In 2025-26, without the competitions, over €80m in revenue was lost. The current financial year is expected to be a loss, but a year in the red – given Milan’s strong financial position – can be absorbed without drama.
This is also because the management have continued to pursue a policy of functional investment in the transfer market, with a further increase in player amortisation (about €15m more) and, at the same time, a salary reduction of around €10m, thus stabilising costs in 2025-26.
If Juve envies Milan’s healthy finances, the opposite is true for real estate assets. After the recent purchase of the J Hotel, the Bianconeri’s physical assets are worth €240m on the balance sheet, and their market value is more than double.
Cardinale, however, hopes that the investigation by the Milan prosecutor’s office doesn’t irreparably stall the process for the new San Siro.
This says more about Juventus under performing than Milan “punching above their weight”. Juve with their own stadium, better sponsorship deals for years and still be this bad, it’s crazy. We on the other hand, do have the revenues, sponsorship, wage bill etc to be in the top 3. Financially, we are exactly where we are supposed to be, period. The year we won the scudetto and got to the semis, — that was punching above our weight.
This season, we earn and spend like a top 3 club. but not enough to win titles. that’s where we are. I guess, wether we agree or not, our approach has been money first — then invest. When most clubs around the world spend first –(to get better results) and money will follow.
it’s no big dif between Elliot & Cardinale in finance term, but not in sporting area. Elliot is cheap but won Scudetto, they put right people in sporting area, Cardinale give everything to the bankers.
Elliot spend fewer but won, Cardinale spend more only to be participant.
The comparison should be between Milan and Juventus.
How much have Juventus won in the last 5 to 6 seasons?
Juventus owners actually care about winning and won’t have an issue spending money to get there. But the staff they hired is doing it really bad. They should have been head to head with Inter for the past years but…