Deloitte: Milan overtake Inter in revenue rankings – the full breakdown

By Oliver Fisher -

AC Milan have overtaken their city rivals Inter in terms of revenues obtained for the 2022-23 accounting year, a report has revealed.

The Deloitte Football Money League (via Sky) study shows that Real Madrid are once again the richest club in Europe in terms of revenues with €831m obtained in the last season, which means Los Blancos have overtaken Manchester City (€826m).

PSG are third on the podium with €802m, ahead of Barcelona at €800m, and it marks the first time in history that the French club have been in the top three in Europe when it comes to revenues generated.

The data also revealed how 17 of the 20 top European clubs recorded increases takings, mainly thanks to the recovery of sponsorships lost in the Covid years and an increase in ticket sales (and prices).

First among the Italian teams are Juventus in 11th position with €432m in turnover (+8% compared to 2021-22), while Milan have made a big leap from €257.4m to €385.3m last season, an increase of around 50%.

That is enough to rise three places in the ranking – from 16th to 13th – and also to overtake Inter who remain stuck in 14th place with €378m in revenues. Napoli are in the top 20, with €267m.

We broke down Milan’s 2022-23 financial accounts in a bonus article for our Substack, which you can check out here.


Tags AC Milan


      1. Some “fans” don’t understand that one influences the other. How are we supposed to pay transfer fees and salaries without income? Nevermind bankruptcies (anyone remember Chievo?) and FFP punishments. Not worrying about the balance sheet is idiotic. I just don’t understand how some people don’t get this. See how the clubs at the top of the list, those making double what Italian clubs are making, are the same ones that can pay 100m for a single player?

  1. People that constantly complain about Milan spending should go and take a look at the whole list.
    Real Madrid makes almost 500 mil more a year than Milan.
    Tottenham makes 250 mil a year more than Milan even though Milan went 2 rounds further in UCL last season than them.
    Arsenal makes 150 mil a year more even without UCL.
    Even Dortmund makes more money than Milan.
    It doesn’t matter who your owner is and how much money they have, unless the club can generate more money, you won’t be able to spend more. That’s why they are trying to build their own stadium and bring more commercial revenue.
    Milan still spent 115 mil over the summer, that shows that they do want the 2nd star, but limited coach, injuries and poor performance from Milan’s best players have hampered the team this season.

  2. It’s hard when you’re too ambitious but don’t have money, like our dear Gerry here.

    Arabs can easily pump money into clubs through their indirect companies or companies they have shares in and act as sponsorships (Etihad-City). It’s a giant hole in FFP rich owners exploit.

    Gerry on the other hand spent earnings from CL qualifications and semis and from selling fan favourite. It’s not about spending, it’s about being smart. I am one of those that was not left impressed with all this flashy spending that turned out not so smart afterall. Inter don’t spend as big as Milan yet they pocketed us in last couple of seasons both in terms of acqusitions and on field results.

    1. Right, they are not smart.
      In 5 years Elliott/RedBird have turned Milan from one of the most indebted, non competitive clubs in football, banned from European competitions, to one of the most financially stable and still competitive clubs in Italy and Europe.
      Please tell us how you are smarter than them.
      All Inter is doing is kicking the can down the road. Sooner rather than later they will have to pay the bill, and they also sell fan favorites every year to finance their existence.
      Also, inter pockets Milan in the last 2 seasons because their coach is smarter than Milan’s coach.
      People don’t live in reality.

      1. You got triggered for reading my post incorrectly. I am refering to the spending part. You don’t need to spend flashy but smart. Inter have Marotta and he’s doing it smart for them.

        In my other posts I always gave credit about how they took Milan out of financial problems when they were on the verge of bankruptcy. And that also was all Elliott’s doing. Gerry can only be evaluated in period of 3 years at least. That’s what Elliott needed to bring club out of the dirt.

        So, take a deep breath and read again.

        1. Inter is in deep financial trouble, and you want us to spend like them, they may be top of the table but they’re also in serious danger of going under, at least we don’t have those worries any more

          1. You too, read again. I said spend smart like Inter not big like we did last summer. They got players like Hakan, Mkhitaryan, Thuram, Onana and now probably Taremi for free. We on the other hand saw management spend flashy on not so flashy signings. 60 millions on non fucntional midfield, 28 millions for one trick pony Chuk.

            And they are not going under, they improve their balance sheet each year through selling players. And they rejceted selling their fan favourite Barella in the summer unlike us.

        2. Smart spending is clearly smart, but comparing to Inter is also a bit unfair. Their project has been in place longer than ours and they did not dig themselves into as deep a hole personnel-wise, as we did during the “Banter Era”. The quality of their squad just never fell as low as ours (IMHO). Additionally, since 2016 (8 years) AC Milan has seen four different owners: Berlusconi, Li, Elliott and Redbird. Not a conducive environment within which to develop a long term transfer/squad development strategy due to the attendant managerial changes. In the same period Inter had only one ownership change, and seemingly retained a lot its front office personnel, with Marotta joining in 2018 when Suning took over. In other words, they’ve had a lot more continuity.

          In contrast, our current owner, Redbird, took over after the 2022 summer window (I know it’s hard for some to differentiate between Elliott and Redbird, since “Muricans are Muricans”, but believe it or not, these are two different groups with different goals). 2023 was Redbird’s first summer window and they did what they did. Was it perfect? No, but it was their prerogative. We had a squad that was losing Ibra to age, had no real RW, lost the playmaker (Diaz), had a failed replacement playmaker in CDK, had no depth and had just barely qualified for the CL, thanks to Juventus. All in all I think they did OK, seeing as how we just missed qualification for the CL knockouts in the most difficult group, and are basically on pace with that world famous scudetto squad of 2021/22. Credit needs to be given to Juventus and Inter for only having lost 1 game thus far. Only Liverpool, Leverkusen, Madrid and Girona are comparable to them at this point.

          Let’s judge Redbird when they’ve had six summer windows, as Marotta has had at Inter.

      2. it’s Elliott, redbird did nothing, even last year it was Elliot, what redbird try to do is restart rebuild everything they think they are smarter knew everything about football

    2. Ted you sound like just another fool that is upset that they let Maldini go and sold Tonali. The sale of Tonali was the smartest bit of business this team has done in a long time. And if you have read any of the articles on here lately showing the signings have done quite well especially compared to the signings from the previous mercado.
      And I have no idea what you are talking about “Inter don’t spend as big as Milan”, Inter’s payroll is much higher than Milan’s.

      1. Upset fool cause they sacked a manager who got us Scudetto team? Sure. At least he stood against these fools who are turning AC Milan into a feeder club.

        1. At least this management is smart enough to get something for our players if they do leave, unlike Maldini who let our most valuable players leave for free. time and time again.(Donnarumma, Kessie Calhanoglu).

  3. great.. let’s kick Atalanta out as the New King of feeder club.. we must follow great clubs like Dortmund Liepzig Arsenal Monaco

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