Deloitte: Where Milan’s revenues rose in 2022-23 and the ratio with wages

By Oliver Fisher -

Deloitte have today published the latest edition of their Football Money League, and there are some positive signs for AC Milan.

Starting with some overall trends, Deloitte report that the total revenue generated by the top 20 Money League clubs in 2022-23 is a record €10.5bn, a 14% increase over the previous year.

Clubs generated record matchday revenues of €1.9bn in 2022-23, while 13 of the top 20 clubs reported record matchday revenue, with the rise largely attributable to clubs in the Bundesliga, Serie A, Ligue 1 and LaLiga.

Milan and Internazionale (as well as Napoli) recorded double-digit increases over their 2018-19 levels, which was the last full season before the pandemic hit.

Money League clubs also generated record commercial revenue, which totalled €4.4bn in 2022-23. Commercial revenue was the largest revenue income stream and 17 of the top 20 clubs reported a year-on-year increase.

Milan 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.

Looking more specifically at the itemised breakdown, Milan recorded a €55m increase in commercial revenues in 2022-23 compared to the year prior (€124m to €79m), a figure which is also almost double the 2018-19 takings of €65m.

Broadcasting revenues went up to €181m from €141m, while matchday revenues rose from €38m in 2021-22 to €79m in the most recent accounts.

Looking at the wages to revenue ration (as a %), Milan have continued to improve. In 2018-19 it was 90%, then 108%, 78%, 66% and most recently 45%.


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