Raimondo: A breakdown of Milan’s €389.6m costs in 2022-23 including transfer fees

By Oliver Fisher -

AC Milan’s 2022-23 accounts were made official today, and the breakdown of various aspects of the budget are continuing to emerge.

The AC Milan Shareholders’ Meeting today approved the results for the financial year ending 30 June 2023, and the official website relay that there was a profit of €6.1m (a first profit since 2006) as well as record revenues of over €400m.

Felice Raimondo has published an itemised breakdown of the accounts on his website, and he lists some of the details regarding the costs that Milan have as a club.

Main indicators regarding costs:

➤ Total Group costs equal to €389.6m (historic record)

➤ Personnel costs remained virtually unchanged at €174m gross. Overall, if we consider the players, coaches, staff and social security contributions, we arrive at approximately €150m gross (37% incidence on overall revenues).

For the players alone, approximately €122m gross were spent between the fixed portion (€107m) + bonuses (€15m) to which must be added a significant part of the €4.4m of social contributions not attributable to the players alone.

➤ Amortisation and write-downs amounted to €71.3m, with a slight decrease, with the amortisation of players alone amounting to €50.8m.

➤ Costs for services and use of third-party assets are rising sharply, amounting to €99.7m (historic record) with an increase of €31.6m mainly due to general costs for sporting activities (travel expenses, consultancy, etc.).

➤ Payables to sports agents amounted to €10.8m, an increase of €4m.

Transfer market 2022-23:

➤ De Ketelaere cost €36.5m (agent commissions €2.8m net)
➤ Thiaw cost €8.8m (agent €0.4m)
➤ Messias cost €6.2m (agent €0.1m)
➤ Florenzi cost €2.6m (agent €0.4m)
➤ Loftus-Cheek (present because purchased before July 1) cost €18.4m (agent €0.9m). Attention: no cost relating to amortisation has been included, which will start from 1 July 2023.
➤ Rebic devalued by €2.2m
➤ Messias devalued by €1.7m
➤ Increase in the historical cost of Leao equal to €20m linked to the renegotiation of the sell-on fee due to Lille. Current historical cost equal to €49.5m and residual at 30 June 2023 equal to €28m

Tags AC Milan


  1. I wonder how much of that 31.6 million for consultation was given RedBird’d data analysis tools since were reporting higher costs than ever.

  2. We spend alot of money on “consulting” eh? And other personnel cost. I brought this up before. It’s quite a chunk, almost would make us as easy 20-30m profit, without sales

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