CF: Milan expected to post an increased profit for 2023-24 – the breakdown

By Oliver Fisher -

AC Milan are expected to close yet another financial year with a profit, according to a report, as the club’s financial health continues to improve.

As Calcio e Finanza reports, Milan registered a €6.1m profit in 2022-23 and they are expected to close 2023-24 with a profit between €10m and €20m as the key numbers continue to trend in the right direction.

The turnover – according to estimates – should be between €435-440m, an increase of over €30m  compared to last season and including over €56m in revenue from the management of players’ rights (of which almost €52m were in capital gains, mainly relating to the sale of Sandro Tonali to Newcastle).

In particular, the growth in commercial revenues will push up the revenues, with the new contracts with PUMA and Emirates – worth around €30m per season each – coming into effect. Stadium revenues are slightly down after a premature elimination from the Champions League.

Overall, revenues from television rights were estimated at almost €138m, of which over €83m from Serie A and over €54m from UEFA. In the 2022-23 season, the figure amounted to just under €175m.

Returning to San Siro, Milan played an almost identical number of matches (46 in 2023-24 against 45 in 2022-23), but the presence of matches such as the derby with Inter in the Champions League semi-final in 2022-23 meant that stadium revenues were around €10m lower last season, with an estimate of around €63m.

From a cost perspective, expenses are also estimated to increase compared to the 2022-23 season. In particular, according to estimates, there are higher depreciations due to signings like Christian Pulisic, Samuel Chukwueze, Noah Okafor, Ruben Loftus-Cheek, Yunus Musah and Tijjani Rejinders.

Staff costs, on the other hand, are substantially stable and should be around €167m. Overall, the final figure on costs should reach a figure between €410-415m, with a difference between the value of production and costs of approximately €25m.

As the club’s top management has stressed on several occasions, the profit will then be reinvested on this occasion to further improve the squad, led next season by the new coach Paulo Fonseca.

In addition to the process for the construction of the new stadium in San Donato Milanese, which has already involved payments of €40m (according to official data from the 2022-23 budget), Milan will also be able to launch the second team project which costs €12m per year.

Tags AC Milan


  1. Increased profits are great but I assumed this would lead to bigger spending and bringing in top quality players. Let’s see we have 2 months transfer window, am hoping for quality rather than quantity.

    In the end we’re looking to make the step up, in Serie A and European competition. Hopefully more of an Arsenal project (sure they don’t win yet but they are getting closer year by year) rather than a man United (try to make top 4 but don’t even think about fighting for the league)

    1. You realise how small those profits are – they are just above break-even. The commission being talked about for Zirkzee would be the difference between profit and loss.

    2. You thought wrong my friend…

      Redbird as an investment firm owes a duty to their shareholders to make $$ – not win titles. Two very different things.

  2. Yes, we rock and rule the Italian-annual-report-competition. Fantastic. In the mean time Juventus is building a team to dominate Seria A for the next decade, and Merda cleans the floor with us.

    But awesome we are making s billionaire even more rich.

    1. This doesn’t make them any money. You think the billionaires go through this amount of hassle for 10-20m profit? Their value is being able to invest in the new stadium and create a competitive team at the same time. The only way they will see returns is by selling the club as a bigger concern than it is now.

      1. “You think the billionaires go through this amount of hassle for 10-20m profit? ”

        That’s exactly the thing the kids here don’t understand. They even think Tonali-money went into their pockets. 😀 😀 😀 😀

    1. LOl. Exactly – but we have the die hard Redbird lovers on this chat celebrating as if it’s their money in their pockets…🤡🤡🤡🤡🤡

  3. So 47M in loss from the previous season due to miserable European performances, which is the capital gain from the sale of Tonali. Geniuses at work.

    1. yeah, If we hadn’t sold Tonali, our midfield would’ve been Bennacer, Adli, Krunic and Pobega. Even if we could’ve gotten another midfielder without Tonali’s transfer fee, our midfield would still have been pretty weak since Bennacer and Pobega are often injured. If we hadn’t sold Tonali, I don’t think we would have qualified for the CL this season.

  4. We’re the only top 4 team I believe who don’t have to sell in order to buy. We’re on the right path and with a few strategic transfers can give Inter a run for their money next season. Especially if they drop off a cliff like Napoli ofc 🙏.

    1. Inter are not changing manager like Napoli.
      Infact they extended Barella and Lautaro already and have signed Zielinski and Taremi, so I’d say they have improved.

      Juve have brought in Motta and tied up deals for D.Luiz, Thuram and Di Greggorio.

      Napoli have Conte and are working hard to keep their best players and improve the squad.

      Milan…Got Fonseca
      Making no headway with renewals and trying to get discounts on cheap players.
      But the books are healthy

      1. Inter have signed two players on free transfers.

        Juve have only signed Doughlas Luiz. Neither Thuram or Di Greggorio have been signed.

        “But the books are healthy”

        You do realise that both Serie A & UEFA punish teams who have heavy debts, right?

        A strong financial position is what allows Real Madrid and Bayern to dominate the market.

        We need 3-4 more seasons of sustained profits so that once the stadium is finished, we’ll be in a position to blow all the other Serie A clubs out of the water and dominate the market like we used to.

        1. Ahhh…NO we don’t need “3-4 season of sustained profit” in order to spend $$$

          That is a completely false statement and NOT based in fact at all.

      1. Yes, of course they will, like every other team in the world. They will sell in the hopes, and it is always just hope, that the player they then purchase will be better than the one sold. And they will sell those who ask to leave if a suitable offer comes along, just like Tonali who wanted out.

    2. Napoli’s finances are healthier than ours, but even then, they’re trying to push Osimhen through the exit door and have lower his transfer fee.

  5. Yippee the accountants, eh hem, the fans, will be so happy!

    So hopefully we get 100m for Theo, go out of Europe in the Group stage and still make 75m profit!!
    Oh I cant wait

  6. Buying players is very risky job. Especially expensive one.

    Overspending can be devastating once you don’t get refund from superb season in Europe and serie a in the same time.

    So Milan did excellent job, just now need to follow much better success on pitch.

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