Plenty has changed on the Milanese football scene over the past decade, and that includes both AC Milan and Inter’s financial strategies.
As La Gazzetta dello Sport (seen below) recall this morning, once upon a time Berlusconi and Moratti spared no expense to assert their supremacy. Now, the patrons have been replaced by funds, and Milan’s most anticipated match has transformed into a sustainability derby.
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Milan got there first, having fallen under the wing of an investment firm before Inter. While Elliott Management had started the turnaround, since 2022 RedBird has completed the work, consolidated the club’s virtuous trajectory, and accelerated growth.
The result? Three consecutive years in profit (after 17 years of losses) between 2022-23 and 2024-25, with the sporting highlights of reaching the Champions League semi-final and winning the Supercoppa Italiana.
Plugging the hole
Milan failed to qualify for any European competition this season, so accounting forecasts indicate a loss estimated at around €30m. The potential buy-outs of loaned players (Chukwueze, Colombo and Filippo Terracciano) would allow the deficit to be reduced.
The 2025-26 financial statement further confirms the sustainability of the achievement. For a major club, the lack of UEFA bonuses is extremely burdensome: consider that Juventus, in the annus horribilis of 2023-24, reported a deficit of €199m.
Milan can absorb the deficit in a much less dramatic manner, having built a virtuous model over time, based on RedBird’s medium-long term vision, especially given that the vendor loan has since been repaid.
The management team, led by president Scaroni and CEO Furlani, has capitalised on the ownership’s experience and expertise to develop its business lines, seeking to combine competitiveness and budgetary discipline. They have done so with an eye to the future, as demonstrated by the stadium plans.
In 2025-26, revenues will inevitably decline from last season’s €411m (net of player trading). The €71m in Champions League money and Supercoppa prize money and another €12m in ticket revenue are missing.
The positive note is the consolidation of the commercial area. Revenues from player trading are increasing: currently, the increase stands at around €20m, over €100m, thanks to the capital gains from Theo Hernandez, Thiaw, Pobega, Okafor and Jimenez’s exits.
Savings
The Milan management has continued to pursue a policy of functional investment in the transfer market, with approximately €160m in acquisitions versus approximately €100m in sales. This has translated into a further increase in player amortisation (approximately €15m more) and, at the same time, a salary reduction of approximately €10m.
Playing only in the league, the squad has been significantly reduced in size and several significant wages have been cut. Taking into account the elimination of the write-down of the San Donato project and the reduction of some operating expenses, total costs for 2025-26 are expected to decrease by approximately €20m.
The reduced revenues outweigh the savings. Consequently, the operating result is expected to go from a profit of €3m last year to a loss currently estimated at around €30m. Milan’s significant equity (€199m as of June 30, 2025) and low level of net financial debt (€93m) allow it to easily absorb the loss
RedBird, meanwhile, are engaged in a global challenge: they are supporting Paramount in the mega-acquisition of Warner Bros. Sports, media and entertainment can become one and the same, in their eyes.
The box this comes in is 3 inch by 6 centimeter and weights 15 ounce!