Raimondo: Milan to record around €450m revenues in 2023-24 – the breakdown

By Oliver Fisher -

AC Milan’s financial situation continues to improve and the margins for making more investments in the upcoming transfer window are increasing.

According to what Felice Raimondo has reported on his Substack, Milan’s revenues went up by €106.9m from 2021-22 to 2022-23 thanks to the following:

➤ The increase in sponsorships and merchandising (overall approximately €130m);
➤ The Champions League campaign (€87.9m);
➤ Ticket sales from domestic and European games (€72.8m).

Undoubtedly the sporting results in the Champions League have had a significant impact on the final revenues, and we can now begin to draw some conclusions from the 2023-24 season too.

Audiovisual revenues from Serie A will be substantially identical if not slightly better due to the better position that the club will obtain in the league table (third or second place is assumed), but there will be a drop in Europe by about €33m due to Champions League group stage elimination.

Income from sponsorships will undergo a clear increase thanks to the new PUMA and Emirates contracts which started from 1 July 2023 (therefore from the current financial year, increase of €15m each to total €30m) and thanks to the new sleeve sponsor MSC (€5m per season). The overall increase: €35m.

Income from ticket sales will suffer a slight decrease due to dropping into the Europa League, but thanks to greater proceeds in Serie A, the decrease will be rather limited: around €6m gross. For the last two home matches, revenues of €2m were assumed for each game.

Thanks to the sale of Tonali and some loan exits, the proceeds from player departures should amount to €54m (equal to the 2023-24 capital gains as anticipated in the 2022-23 budget, i.e. €48m plus loan fees).

It will be thanks to all of the above revenues that the club will record another profit. This is the substantial difference between Milan and some top Italian clubs: for the Rossoneri, capital gains do not represent a survival tool but instead opportunities that can be seized or refused based on the merits of the offer(s).

To conclude, Milan should close their next set of accounts on the 30th of June with approximately €450m in revenues.

Tags AC Milan


  1. 73M from ticket sales and part of the 130M for merchandising, yet some “sheeps” here argue that fans should sht up and let this management waste that money in stupid spendings. Until Jerry has built his stadium with VIP lounges for rich a$$ I think the real fans have a legitimate right to speech.

      1. I didn’t say that. It also pays for Scaroni’s lunch at Milan’s finest restaurants or his chauffeur, among other things. The point is that the fans are a big part of the revenues. Go check the ticket prices. It’s prices for a top European team. Yet we have to suffer that lack of ambition. Totally unfair.

        1. That’s very nicely put “Prices for a top European team. Yet we have to suffer that lack of ambition.” I think we spend around 100mil on salaries so that leaves us with 350mil roughly which are no where to be seen. Don’t forget they will get money from sales of players in the summer too. Last season they invested only 30mil or so really without the Tonali money. And somehow people were happy with that lol. I guess the lie that they invest “everything” sits well with a lot of people who think that clubs make money only from selling players.

          1. That doesn’t leave club with 350 milions of profit. Expenditure is not only on salaries. Milan will be most likely be 50 milions in plus without sales of Salemakers and CDK.

            You can download previous financial reports and read it if you know how instead writing stupid things.

          2. I specifically said “roughly” 350mil cause of the other expenses. Which are not bigger then the salaries which are number 1 expense in every team. So maybe next time you should learn to read before calling something else stupid.

          3. “Roughly” 350 mil is still off. Milan made 6.1 net profit last year and they had 404 milions of revenue so your “roughly” is nowhere near actual profit.

            “So maybe next time you should learn to read” good tip for yourself.

          4. With your level or comprehension it is pointless for me to waist time and explain to you how things in real life work. If you think that some US fund spend 1b in order to get a 6.1mil profit per year just cause you read that in some article then no matter what i say to you it is pointless. You are the exact type of person that i mentioned in the first comment who falls for the lie that they invest “everything” lol.

          5. Sorry but that is not how it works at all w.r.t. 350m that is not seen.

            The investment is made on revenue, profit, cash flow and the ability to turn a profit when selling the club in the future. It is the latter that most PE firms are concerned with. The typical horizon is 7 years.

            To say 100m is salaries leaves us about 350m roughly nowhere to be seen is a fallacy.

            100m in salaries is the largest line item bit one of 100s of such line items.

            I’ve not pulled a report, but off the top of my head there will likely be facilities and staff costs that are close to that 100m in total.

            Then there will be the general opex of a club from laundry services to Internet services. Marketing that gets you the increase in short sales comes at an expense that the investor will look at from a cost of acquisition (how many marketing euros spent per shirt sale). Heck there is likely 10m in simply having all those shirts made! For sale of goods like that they use COGS (cost of good sold)

            Then there are inevitable accounting games played. For e.g. let’s say they have a seven year horizon to sale. They will want to show consistent growth in both revenue and profit that will increase the multiple on sale.

            This could be a multiple of revenue (looks like Redbird bought on 3x revenue) so maybe they are working 7 years and 9x revenue goal. They have an understanding of the buyer of a team like Milan and know what they need to show. Thus they work to show less profit now and more in Years 6 and 7.

            @harisk92 suggests reading a report. I cannot bring myself to do it because it feels too much like my day job, but I hope the general terms I’ve describ d provide some of the obvious perspective on that “other 350m.”

          6. @Rossi, uh, yeah it’s totally possibly to have revenues in the 100s of millions and only have net profit of 6m. Just like it’s possible to have revenues of 100s of millions and have net losses. It’s how companies go bankrupt. Football is a notoriously difficult business in which to turn a profit. Finally, football clubs have a duty to report financial results, just like all other companies, and if they don’t do so truthfully they can be prosecuted for financial fraud. More so, the funds that own these clubs are require to report their financial results to regulators and for their shareholders. There is zero reason to not believe that 6.1m is the net profit.

          7. @MyKidPlayedSoccer no one is denying the other expenses, its questionable how can those expenses mount up to 350m. You can put anything as expense even bonuses, in fact that’s what many companies do. But it is also an easy way to pocket the money. And we can go until tomorrow talking about loopholes etc. I don’t think that they will only wait to cash in after 7years and earn nothing in the meantime. This are big funds managements who only invest in assets, so i don’t see them throwing all on one card and taking huge risk. More likely they will get back big part of their investment thru the years and the sell will be mainly profit. They will lich the club as much as they can same as any other asset that they invest in. I don’t see how people ignore that this is literally the job of this investment funds. They dont care about football. Football simply become too profitable and thats why you have all this investment funds jumping on the ship.

          8. Milan’s Player salaries take up around 33% of their revenues, but you also have to pay the kit managers, the coaches, the scouts, the repairmen who fix up our dilapidated San Siro.

            Ah… speaking of the San Siro, 14M in rental expenses each season, not including the costs to returf the pitch and fix up the stadium toilets. Can’t wait until we get our own stadium that can not only earn more money hosting events and concerts, but can save us 14M+ each year in rent and maintenance costs.

            Also… Taxes…. you all forget taxes for players, for expenses, for staff, for everything. Those are expenses out of Milan’s pocket as well.

          9. “It’s questionable how those expenses mount up to 350m”

            Only questionable is your ability to read. You have official financial report and there is detailed info about expenses they are not hiding anything because that’s punisable and there are other shareholders who don’t like Cardinale or RedBird so if you think they would allow him to take 350 milions and put it in his pocket you are deluded.

            Now before another childish response educate yourself read and try to understand.

          10. @harisk92 Everything is explained above. However this conversation is obviously to much for you and keeps going over your head, so as i said before its pointless to keep explain anything further to you.

          11. The way I read it, you already think your theory as fact and everything else is just manipulation. That’s where the conversation stop – when one side of them think they are 100% right and won’t budge or even check what the other party says.

            We alrdy give you the way, read the financial report, and some explanation about it. But you are the truth so everything else is false. Your problem than.

          12. You can easily download the reports by searching via Google, it will lead you to acmilan official website. The report is in English so you will be able to understand.

            If you still too lazy to do that, here is roughly our expenditure :

            Materials, consumables, goods 19m
            Services 85m
            3rd party asset (stadium) 14m
            Wages, salaries 162m
            Social, security charge 9m
            Employee leaving and other personnel cost 3m
            Amortisation, depreciation, other 71m
            Risk and sundry management 24m

            Total will be roughly 389m. Increase 35m from 2021/22.

            Our income was 404m, that leaves us 14m profits.

            Still think those 350m goes nowhere? Or you think you can run a club that plays regularly in European competition on peanuts?

          13. @MyKidPlayedSoccer

            Interesting estimate on the sale timeline. 7 years. It just happens to coincide with the estimate time to completion for the stadium, which will be a bigger driver of [mostly] predicrable revenue than buying and selling players will ever be. That is when ROI will be possible. Strangely, this model, and football clubs generally, aren’t what I would consider the usual target investments for PE firms. These guys are either masochists or overestimating the added value of the development plan.

    1. Profit gets taxed, so most teams try to reduce that artificially.
      Overall, even if we make a profit it will be less than 10 mill, unless we have a killing (sell Theo, Maignan and Leao for big money). Even in those cases, it’s very likely for us to ask the seller to pay us in multiple years to avoid declaring it all as profit in one year.

      The reasoning is that it’s better to park that money somewhere to avoid declaring it as profit since that’s what gets taxed. You can also pre-pay a lot of services that you won’t get until much later to include those as expenditures in the same fiscal year.

      1. I understand that cause I work in the sector. They’ll jut bulk up the expenses and minimise the profit on balance sheets or something. But I just wonder what will the budget alocated be considering higher revenues. I think it’ll be same as usual + potential sales.

  2. “Roughly” 350 mil is still off. Milan made 6.1 net profit last year and they had 404 milions of revenue so your “roughly” is nowhere near actual profit.

    “So maybe next time you should learn to read” good tip for yourself.

  3. the only thing we can brag to another clubs is financial growth, but still it’s not enough (for boards) reason to upgrade the squad, still need sell to spend, i didn’t mean spend like city/ psg/ chelsea but spend like we want to be champion

    1. We would wait forever.
      Anyone still thinking or hoping that inter would collapse should wake up from that pipe dream. They are going strong and don’t show signs of stopping or slowing down.

      1. Except for the fact that they have a hedge fund loan coming due, much like Yonghong Li had with Elliott. While Inter might not “collapse”, if Zang fails to repay it the club will get repossessed by Oaktree the same way Elliott repossessed Milan. It also seems like they have to sell before making any major purchases.

Comments are closed

Serie A Standings

Live football scores . Current table, fixtures & results.