GdS: Squad costs, revenues, top earners – Milan, Inter and Juventus’ finances compared

By Oliver Fisher -

AC Milan’s financial situation remains much healthier than that of their rivals but they continue to spend less than both Inter and Juventus on the squad itself.

Today’s edition of La Gazzetta dello Sport has published a comparison between Milan, Inter and Juve’s financial situations based on the numbers published in the accounts. The balance sheet for the Rossoneri as of 30 June 2024 will still close in profit.

After being €6m in profit in the year prior, the estimate is around €20m this time around, thanks to the double-digit increase in commercial revenues and the €50m from player trading (the sale of Sandro Tonali mainly).

On the other hand, salaries and depreciation increased by at least €10m. In the last season the cost of the squad (player salaries plus depreciation) was around €220m, much less than Juve (€360m) and Inter (€280m).

The Milan management have built a margin for itself to increase their spending and bolster the squad, while the departures of various players this summer have already produced savings of around €30m, between salaries and depreciation.

Milan, unlike the other big teams, does not have the need to sell, but will continue to move with caution. After the renewal of Rafael Leao, Mike Maignan and Theo Hernandez’s deals expire in 2026, so the club are aiming for extensions but without being dragged into dangerous increases.

The Diavolo earned more in revenues net of player trading than Inter (€398m to €386m) but less than Juve (€438m), while the wage bill at €149m is less than the Nerazzurri’s €197m and the Bianconeri’s €255m.

Tags AC Milan


  1. Who cares.

    The teams that are “losing” money seem to be doing more on the market than the team with the “profit”

    1. Once again, ignoring that Inter was just repossessed by its creditor and Juventus was banned form Europe last season. But yes, let’s go wildly into debt, maybe win something, go broke, and then definitely restart from Serie D, like Parma.

      1. Oaktree who repossesed Inter confirmed wage budget set for this season meaning both Lautaro and Barella’s new salaries were taken into account. Yet they are the broke one and on the verge of bankrupcy.

        1. Oaktree also set salary cap 4m euro nett for old player that come free transfer , rejecting hermoso that want 5m euro nett. Yes they renew lautaro 9m euro nett and barella 7,5m euro nett because they cannot losing their best jewel just like ACM dont want losing leao . If you see ibra interview , they will buy new player but will ask what fonseca need first ( fonzy dont like zirkzee so they stop negotiating that agent fee )

        2. Well, clearly they’re not broke and on thhe verge of bankruptcy anymore, as that already happened, hence the repossession. And it’s also for the time being. Oaktree is not going to run that club at top speed for the next 20 years. They will either sell soon, or eventually cut costs. Oaktree and Elliott (to be clear I mean Elliott, not Redbird) play the same role. The real question is: who will buy Inter? If it’s the Saudis, then yeah there will be few limits other than whatever fake FFP thing UEFA is running, but it could be a more normal owner, like ours, who has to mind cash flow.

      2. Repossessed and signing their players to long term contracts and making moves on the market.

        Milan. In a profit. Beaten to 2 transfer targets.

      3. Inter default and our default are two different things. Zhang used it as a strategic move to relinquish ownership. Li defaulted because he didn’t actually have money. We’re only now breaking towards Inter revenues around the 350+ mark and they have been higher than ours for a while now. They’ve cracked around 300m since 2019/20. We’ve only now hit 300m+ last year (Statista, I know Swiss Ramble has better figures but for the sake of consistency…..). Plus their value of their team is much higher than ours. What’s the point of all this keenness on financial health all of a sudden. Is that what we’re doing to make ourselves feel better?
        When we used to win, we never had good books. Even in our Scudetto year, didn’t we post a loss of like 60m?
        If we’re going to be cheap, then be cheap. I’m fine with that actually. But let’s not act like we’re somehow that much better than other teams because we’re posting meagre profits recently

        1. “What’s the point of all this keenness on financial health all of a sudden.” Because before it could be papered over. Transfer fees and wages have always gone up over time, just like the price of anything you buy which you can afford because your wages are also going up bit by bit, and you also make use of credit (credit cards, mortgages, etc.), but when there is suddenly a special inflationary pressure, like the pandemic or wars for example, your wages are still going up bit by bit but the price of everything has skyrocketed and now your money’s purchasing power is much less. So you tap into your credit cards more, which means more debt and higher interest on that debt, which means more debt, etc. In football the special event was the first TV deal the Murdoch gave the EPL, which flooded it with cash, and then oil money followed. I mean, why do you think Berlusconi had to get rid of the team? “When we used to win, we never had good books.” Correct. In the old days, Berlusconi would have been able to kick the can down the road (debt) and keep going, but the game has changed. Prices and interest have become even too much for him. This is why he sold in the first place, not because he was too old or tired, as evidence by his purchase of Monza, a team with far less overhead (because they have far less expectations).

          1. Lol. Bro you’re talking to an economist but thanks for the refresher anyway 😅. When I watch AC Milan I take off my professional hat and I’m just here to consume the product I paid for and for entertainment / enjoyment not pore through the books like I’m an accountant. I leave that at work so I don’t have to deal with that as a FAN. I let Furlani and co handle that. I don’t care to bask in accounting glory as a fan. None of the last 10 or so years, and probably more, have the Scudetto winner had a profit during the same year bar Napoli. So what are we really keen about…as fans is exactly right! That we won the financial Scudetto? That these outlets glorify our financial position over the others? What for? I’m not buying any of that nonsense. Don’t care about dressing that up. I do ofc care about overall viability but that’s about it.
            And we don’t need to be strictly profitable to be within FFP parameters anyways (I believe it’s 50m in arrears or I might also be dating myself with that figure). Napoli and Atalanta had favourable books for many years and 1 scudetto between the two of them for like 20 years. I posted here before a plan with neutral budget that would increase the value of the squad. It’s not like I want reckless spending either

    2. exactly
      Juve got already a top signing in D.Luiz..and his GF too ofc ;))
      + a top ITALIAN goalkeeper

      Napoli got a perfect coach in Antonio Conte + Buongiorno, Rafa Marin and free agent Spinazzola

      Emre Can is also on the verge to join Napoli

      1. That “top” ITALIAN gk was only 20m and we don’t need a GK. Oh, and BTW, he’s initially coming in on loan, so they’re already pushing back the balance to the next financial year. Douglass Luiz was valued at all 50M but they used Illing-Junior and Barrenechea, valued at 25M together in exchange, so only paid 25M of pocket. That amount is interestingly close to the value of Fofana. CONTEXT, PEOPLE.

    1. It’s true though, they may be just a bit too frugal. But I think it’s still hard to say how this will all play out after 2 seasons of ownership. They still need to finance a 700M-1bn euro stadium.

  2. This article is exactly Gery wants us to buy. “See, Milan is a risk free business.” For Gery Milan is only an assest to sell to the highest bidder so he can make profit. If you sell assests which was created by the previous owners and incure less cost, obviously you will create profit but Milan is not Gery and redbirds personal assest. Milan is a football club for their fans, and all the owner should work to build a championship squad to win tittles.

  3. The two models are both wrong. The model of massive debts followed by Inter and Juve is not financially sustainable. You can win now some trophies now, but in the long term you can end in trouble like Barcelona etc. We took Taremi and Zielinski not because they are the players who can improve our team’s quality, but because we do not have financial space to buy better ones. The debt does not allow us. Yes, the debt is decreasing quickly, but it is damaging our mercato again.

    On the other hand, Milan’s model is financially sustainable in the long term, but it does not guarantee trophies. A club should be careful with its finances, but it should also make some top quality signings if it is to win trophies on a regular basis. The top quality players also need top quality salaries etc. A club has to find a fine balance between financial health and team quality. After all, that is all what a club is about.

    1. Oaktree are follow the path of elliot after take over . Oaktree reject mario hermoso that asking 5m euro nett because old and dont have high value. ACM model are good for now because they want to start build new stadium at san donato ( finish 2029) , cannot use IM or juve model if you want build new stadium, even arsenal have tight budget when build their stadium but after finish they spend massive

  4. It’s getting bad right now, and this data is for 22/23 I believe. Will look even worse for the books that just closed.

  5. Oh, and Napoli are working on the assumption they will sell one of Kvaratskhelia or Osimhen for ~100-130M, so…

  6. juve are splurging luiz,sancho,thuram,de gregorio and probably koopmeiners without many sales. Inter already have a top team and shored it up with taremi,martinez and zielinski plus carboni back. They will probably spend a smuch a smilan despite worse finances. Expect a 2 horse race between juve and inter and milan a distant 3rd

    1. this is very much what will happen this year bar any late season surprises from roma, lazio, atalanta and the likes or else we end 4th

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