Local Italian soccer rivals AC Milan and Inter Milan have each announced record turnover for the 2023-24 fiscal year.
AC Milan generated €457 million ($494.4 million) in revenue for the 12 months from July 1, 2023 through June 30, 2024
The Serie A club put this strong figure down to growth in sponsorship revenue, which increased by €9.7 million year-on-year to €90.5 million, thanks to new portfolio additions, and new commercial revenue (up €6.4 million to €52.9 million) from the sale of premium seating at the club’s iconic San Siro stadium.
This resulted in the team making a profit for the second consecutive year of €4.1 million, in spite of the fact that playing-staff wage costs rose by 8% and net investment in the playing squad came to over €100 million.
Furthermore, combined audiovisual and ticketing revenue fell year-on-year by €40 million as a result of the club’s poor performance in UEFA European competition as it failed to exit the group stages of the Champions League, where a season prior they had made the semi-finals.
The profit the club recorded in the 2022-23 campaign was its first since 2006, and that it has been added to in consecutive years speaks to the club’s now solid financial footing under owners RedBird Capital Partners.
Over the course of the 2023-24 fiscal year, AC Milan engaged in several efforts to increase its domestic partnership portfolio whilst simultaneously expanding internationally.
The addition of partners such as CFI Financial Group, and data company KAGR, came hand in hand with the renewal of partnerships with local companies such as utilities firm A2A and pasta brand La Molisana.
Furthermore, the club also sought to expand its horizons internationally, becoming the first side from Italy’s top-flight Serie A to open an office in the Middle East.
Meanwhile, Inter posted a loss of €36 million for the 2023-24 financial year but also generated record turnover of €473 million after winning a 20th league title. The club's total revenues increased by €48 million year-on-year.
The loss figure is significantly lower than the €85 million deficit posted in 2022-23. Inter said strong on-field performances led to an increase in commercial turnover, which contributed to the record overall figure.
US investment fund Oaktree Capital Management secured control of the Serie A champions in May after the club’s holding company, the Chinese Suning Group, failed to repay a loan of around €395 million. Inter confirmed that in the first quarter of the 2024-25 financial year, Oaktree has completed a recapitalisation operation totalling €47 million.
The financial results have been released after the Municipality of Milan last week revealed that the two clubs were interested in building a new stadium next to San Siro.
