AC Milan's president Paolo Scaroni talks to the media for a briefing in conjunction with the Club’s Shareholders’ Meeting, where the 2023/24 financial statement is approved.
Here are his words, as relayed via Milannews.it.
Are you expecting to end this fiscal year in profit, excluding any player sales?
"Our goal is to close with a solid financial statement. We’re very mindful of our costs; keeping them under control is essential to continue investing. A small profit or a small loss doesn’t make much difference to us."
Is it true there will be significant bonuses for executives if the stadium is built? Scaroni replied:
"No significant bonuses exist. No bonuses of any kind are foreseen, either for the stadium or for anything else. That’s completely false. This applies to me and to Giorgio Furlani as well. That said, I’m fully committed to building the stadium. I don’t need a bonus to stay motivated for a project I consider essential for Milan and Italian football."
Cost and investment management. Response from CFO Stefano Cocirio:
"The cost for registered players has increased by 8%. We don’t have a specific target; we invest organically as resources are generated. Investments will continue to rise in 2024/25, including the Milan Futuro project costs. As the club grows, so will the market investment."
Renewal strategy. Response from Cocirio:
"Last year, we renewed the contracts of 10 First Team players, which I think best demonstrates the club’s strategy to retain top talent."
Further on investments. Response from Scaroni:
"I believe I’ve mentioned that over the past two years, we’ve made acquisitions totaling €100 million, net of sales. So, actual cash outflows. Compared to other clubs, we’re among the top in investments, thanks to having strong financials: profit and investment go hand in hand. Good investments require good finances; if we had negative financials, we wouldn’t be able to invest in the same way."
On the match against Bologna being postponed. Scaroni Responds:
"Let me start by saying I am furious because an incomprehensible, unjust, and unwarranted decision was made by the Mayor of Bologna. Not so much because of closing the stadium due to a flood—fair enough—but because we were prevented from playing the match behind closed doors. This decision is incomprehensible, especially considering that other closed-door events were permitted in Bologna. It’s an unfair decision. We are, by definition, respectful when faced with a decision by an institution, but this decision has caused us serious harm. We believe there is every reason to challenge the Mayor’s ordinance: we are examining this decision from all angles and do not want to remain idle in the face of the damage done to us. We at Milan are all furious; a serious wrong has been committed against us. The League President Casini repeatedly called the Mayor to allow the match to be played behind closed doors, but we received an inexplicable refusal."
Minimum expectations for Champions League Results. Cocirio Responds:
"A preliminary note: budget assumptions do not represent the club’s sporting ambition. For this year’s budget, we have aimed to reach the playoffs, but we certainly expect everyone to do better."
Change of strategy on Capital Gains? Or Is Sandro Tonali a one-off? Cocirio Responds:
"We don’t need to sell players; these are opportunistic situations assessed on a case-by-case basis, depending on the offers the club receives. Thanks to our financial position, we have the flexibility to choose."
The situation with AIMC. Cocirio Responds:
"There has been no reduction in the number of tickets allocated to AIMC; they remain the same as agreed upon between us and AIMC. We met last week and are discussing the issues AIMC raised. We’re working to find an agreement that satisfies both parties."
The potential agreement with Democratic Republic of Congo. Scaroni Responds:
"We're in the midst of negotiations, so we’re keeping it somewhat private. Negotiations are ongoing, but the agreement hasn’t been finalised yet. This initiative has a commercial aspect but also a major focus on social initiatives, particularly with Fondazione Milan."
In light of these constant revenue increases, how close is the milestone of 500 million euros? Scaroni responds:
"I’d love it, but I don’t recall mentioning that figure. If you ask me, I never said it. Achieving such numbers depends partly on our own efforts and work and, on the other hand, on our performance in the Champions League. It’s that which can substantially improve our revenue. Sporting and economic results go hand in hand."
The possible next moves in the postponement case. What do you plan to do to defend Milan's name? the Rossoneri club president responds:
"All decisions made by public authorities, such as those by the mayor, can be questioned regarding the legitimacy of their orders, especially when they contain elements that are not only incomprehensible but also difficult to understand why we couldn’t play behind closed doors. Another issue is that it’s unfair. It’s unclear why football is a no, while other things are allowed. This opens up grounds to challenge the legitimacy and brings us into the realm of damage compensation. The harm we’ve suffered is hard to quantify, but postponing the match until February creates a significant issue for us. We are examining this matter. I am furious, and when I’m furious, I am active, not passive. I will dedicate myself to this."
It appears that the revenue agency values San Siro at around 200 million euros... Scaroni responds:
"I’m not going to start making economic calculations based on assumptions. It’s not a matter of writing a 200 million euro check; it’s a complex issue. There’s a tunnel to be built... the situation is complicated. Until Inter and we have a complete picture, it's hard to move forward. The San Donato project remains central to our strategy; it’s an extremely important matter. San Siro, three or four months ago, everyone considered it dead due to the impossibility of dealing with the second-tier issue. We've put that behind us and can look ahead. But that doesn’t mean we’ve solved all the problems. Once this analysis is finished, we’ll have to do some calculations. You can imagine a long road ahead. I’m still battered from five years of attempts with San Siro, so I maintain a certain level of concern. San Donato remains the central option for our stadium."
This year, do you expect to have a balanced budget regardless of capital gains? Cocirio answers.
"More or less we expect a range that could be a small profit or a small loss in the absence of large sales like that of Tonali last year."
