CF: Revenues, costs and net result – finances of Milan and Roma compared

By Oliver Fisher -

AC Milan and Roma are preparing to take to the pitch at the San Siro for the Europa League quarter-final first leg, and a report has provided a comparison of the finances of the two clubs.

Calcio e Finanza have analysed the accounts of two Italian sides ahead of this final phase of the Europa League and the first leg tonight, looking at revenues, costs and net result, starting with the takings.


In terms of turnover, AC Milan recorded higher revenues during the 2022-23 season, with €404.53m compared to AS Roma’s €277.06m.

In the point-by-point analysis, Milan are in front across all categories, except for revenues from player management, where the Giallorossi earned €56.11m compared to €6.59m for the Rossoneri. Mostly weighing on this figure were the sales of Nicolo Zaniolo to Galatasaray and Justin Kluivert to Bournemouth.

In the other categories, Milan’s detachment is remarkable, both if we talk about match revenues, with the Rossoneri having attracted a large number of spectators at the San Siro with an average spectator level that was worth €72.83m (compared to Roma’s €49.24m, a figure that is still respectable), a trend that is being confirmed for the Milanese club this season.

The Rossoneri are also ahead of the Capitolini in terms of commercial revenues and those from audiovisual rights. Operating revenues, not counting the figures for player management, thus amounted to €397.94m for AC Milan compared to €220.95m for the Giallorossi.


The Rossoneri’s greater numbers can also be seen on the cost front, although in a more limited way, because the gap considering personnel costs and amortisation is practically non-existent, but it is evident under the heading ‘other operating costs’.

Milan in the financial statements for the year ended 30 June 2023 recorded total costs of €389.6m, while the Giallorossi stopped at €348.78m. A gap justified – as mentioned above – mainly by other operating costs.

On the amortisation and depreciation front, Milan are behind, with €50.79m compared to Roma’s €55.65m, while in terms of personnel costs we are practically even, with €174m for the Rossoneri and €173.08m for the Giallorossi.

The net result

Therefore, the accounts are decidedly different, with Milan showing a profit of around €6m and Roma a heavy loss – despite a marked improvement – of €102.75m, which, while having lower revenues (and driven in part by capital gains), recorded similar costs.


Tags AC Milan Milan Roma

1 Comment

  1. Roma overall has slightly higher player salaries than us, that’s how they got a few free/loan players (Dybala, Lukaku, Aouar, Ndicka, Paredes, etc)
    That’s why personnel costs are very similar with us. I expect Roma to drastically reduce salaries next season

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