Football Benchmark: Revenues and squad value – Milan’s financial situation continues to improve

By Oliver Fisher -

AC Milan continue to take strides forward off the field as their economic resurgence has kept going since Elliott Management took over the club, a report claims.

As Football Benchmark (via MilanNews) explains, the Rossoneri obtained €269m in total operating revenue last season, recording an increase of 16%. A total of €33m was generated from home matches, one of the highest figures of the last ten years. Revenue from broadcasting was down slightly but stands at around €44m, including UEFA awards and representing 49% of total operating revenue.

In the last three years, commercial revenues have proven to be the main growth factor, reaching €104m in 2021-22. The agreements with PUMA and Emirates yielded a total of €30m, or €15m each.

BitMex and Wefox paid €5m and €7m respectively to have their name on the shirt. In addition, merchandising and licensing revenue more than doubled to a total of €25m.

The costs of the squad remained stable at around €170m considering the savings on the salaries of Donnarumma and Calhanoglu. The farewell of the duo compensated for the additional costs deriving from the new arrivals and the bonuses assigned to the team, allowing the club to reach an excellent 63%.

Revenue growth, combined with a rigorous cost control strategy, has led to a dramatic improvement in underlying profitability over the past two seasons. The value of the Milan squad, as of 1 January 2023, is equal to €693m.

Tags AC Milan


  1. And the squad keeps getting worse. But hey, at least the shareholders are getting a good return on their investments. That’s what’s important.

    1. There’s no return, the club are in debt. Real Madrid generate about a billion Euros, the other top clubs are in that ballpark and that’s why they can spend heavily in the transfer market. Now go back to school and study finance before posting more nonsense.

      1. Tell that to Elliot that just made a huge profit after selling. They come in, cut costs, slash payroll, get the expenses down and sell for a profit. New owners will do the same. The fact that Milan miraculously won the Scudetto last year with probably the 4th best roster in Serie A was a happy accident. Winning is not their main goal. Profit is. The squad has gotten weaker each of the last 2 seasons and don’t expect this new ownership to spend on talent either. Get a clue you moron.

      2. Clearly some people here never heard of Man Utd and the Glazers. American financiers who leveraged the clubs assets to secure loans to buy the club. Thereby the club pays hefty payments to service the dept while the owners receive fat dividend checks in the tens of millions.
        Sound familiar?
        So yes go study finance

        1. That is not at all what has happened. Milan does not have to pay back debt from the sale, that is a completely different situation.

    2. “But hey, at least the shareholders are getting a good return on their investments. That’s what’s important.”

      Typical “I think I know everything but I really don’t”-type of sentence with zero truth behind it. 😀

      Take a reeeeally wild guess whether clubs or companies making huge losses “give good return” to their shareholders. You’d be surprised to notice that “the greedy Milan owners” haven’t made a single dollar yet either with Milan. In order to the owners/shareholders to get money they need to turn the loss into profit first.

      1. Seriously Simon? Kessie was Milan’s most consistent player the last 2 seasons. The guy was a beast in the midfield. That’s the biggest reason Milan is conceding so many goals this season. Milan continue to lose starting players ( Calhanoglu, Donnarumma, Kessie) and not really replacing them with the exception of Maignan who is hurt all the time. You can’t do that and expect the squad to not be weaker.

  2. How much Manchester City got from t shirt sponsor? How and when man City become the club? And why on earth we compare City and Milan?
    Milan need new rich owner, who will do the same like Manchester City owner. They spent more than 1 bn in squad over years and today they have team which is financially sustainable.
    On contrary we have young “not so expensive team” which is not financially sustainable.
    How and who is responsible?
    Only owner is responsible for that.

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