GdS: Cardinale sets a €500m target for Milan – how it can be achieved

By Oliver Fisher -

The aim for AC Milan is continued growth on and off the field, but the new ownership led by Gerry Cardinale have set a specific target to try and hit.

According to La Gazzetta dello Sport, Milan’s dream – as revealed by president Paolo Scaroni at Shareholders’ Meeting that took place yesterday – is to hit €500m in revenue per year. For that dream to turn into a realistic goal, however, several things must happen.

To preface things, RedBird would be happy to see a year-on-year improvement in the amount of revenue generated just as Elliott Management were, because the total amount for 2021-22 was €269m, while in the last pre-Covid year it was at €216m.

The passing of the baton to RedBird is a mix between continuity and a turning point. Cardinale will not throw out the philosophy of the Singer family, which focused on the the sustainability of the accounts, but he also knows the task ahead involves developing the existing mechanisms and making everything ‘bigger’.

How will he do it? Some indications are already arriving in this sense as his conferences in the United States suggesting that there will be some weeks of study and reflection before deciding on the right strategies.

The RedBird plan is essentially split between what Milan can do when relying only on their own strength and what needs additional help. Continuing the work of CEO Ivan Gazidis in terms of brand enhancement is key, and higher takings from the main sponsors (Emirates are about to double their investment in Milan to around €30m per year) is key.

The constant signing of new commercial partnerships has been a theme, while better sporting results are also a key component because if Milan did not play in the Champions League regularly it would be a problem.

To reach a huge figure like €500m, internal strategies alone cannot suffice. A hand will come from overseas but there must also be the desire to improve the league as a whole to bridge the gap with the English Premier League and LaLiga, because TV rights and the way in which they are sold in Italy are a concern for Cardinale.

The other big knot is that of infrastructure, because a new stadium that guarantees revenues in excess of €100m per year – more than double what the club get now – is needed or it is unthinkable to speak of half a billion in total revenues.

Tags AC Milan


  1. Well Barcelona pull down similar figures, but they have no clue on how to spend their money and are also 1 billion in debt, we have no debt and if we can keep achieving good results it will give us more room for negotiation with sponsors as well as open doors for more. A TV deal with American networks will also bring us huge income not to mention a new stadium. If we keep improving our on the pitch performances we can achieve the target. Remember we used to bring in Barcelona and Real Madrid level money without a stadium and by virtue of our performances on the pitch.

  2. AC Milan must do more than build a new stadium and attract bigger and better sponsors in order to greatly increase revenues. To compete financially against wealthy English Premier League clubs, the Rossoneri must also leave Serie A and play in a new, continental League. A European Super League in which a number of privileged clubs are guaranteed places, regardless of their results, isn’t the solution. A European league based on merit and modelled on the multi-divisional structure of existing national leagues is the right way forward. EPL clubs can be invited to join, but their participation isn’t essential though desirable. A European League will capture the imagination of fans everywhere and generate broadcasting revenues that will match and in due course likely exceed those of the EPL. The Rossoneri have the pedigree and unrivalled Italian footballing nous to be masters of the universe again, but they also need the financial muscle. Redbird must seize the initiative and be firmly at the forefront of efforts to establish a continental league. This is the obvious next step in the evolution of the beautiful game in Europe and shouldn’t be delayed any further. AC Milan’s future depends on it.

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