Berlusconi, Li Yonghong, Elliott: fifteen consecutive financial years in the red. Then came Gerry Cardinale, who recorded three straight profits. The shareholders’ meeting of AC Milan approved the accounts as of June 30, 2025: +3 million, after +6 in 2022–23 and +4 in 2023–24. Before this streak, the last positive result dated back to 2006, a brief exception during Fininvest’s years of losses.
This time is different because self-sufficiency is the mantra of a private equity firm like RedBird. And so be it if it is achieved through another major sale: from Tonali to Reijnders, whose transfer to Manchester City for 55 million, generating a capital gain of 42 registered in June, salvaged the income statement at the last moment.
President Paolo Scaroni said: “Like the fans, we become attached to our players, but the goal is always to build a strong team that wins, within a balanced financial framework. To reach that goal, we are ready to make the necessary decisions. Milan, in any case, depends less on player trading than some of our competitors.”
Milan reinvests the money:
Last season, the transfer market generated total income of 83 million. In addition to Reijnders, capital gains of 13 million for Kalulu and 2.5 for Simic were recorded, along with sell-on fees of 6.5 for Maldini and 6 for Brescianini. It is true that the club reinvests the generated cash into the squad, as shown by the 123 million in acquisitions for 2024–25 (the largest being 30 for Gimenez, who has not yet delivered), and continues to raise the bar on annual expenses: player wages increased from 155 to 160 million, amortizations from 75 to 84. But it is equally true that everything must be done under the principle of sustainability, as relayed via La Gazzetta dello Sport in today's print edition.
When Elliott took over in 2018, it injected 565 million into a club on the verge of collapse. Since 2022, RedBird has been able to focus on infrastructure investments. The capital contributions made in 2023 and 2024, totaling 55 million, were meant to cover costs for the San Donato project, which now needs to be rethought following the San Siro purchase deed. A portion of related expenses, amounting to 11 million, has been written down, and alternative plans are being studied, such as building an 18,000-seat arena.
Without Champions League
Milan’s self-sufficiency is so strict that even this season, with the team out of European competitions, no shareholder intervention is planned, as confirmed by Scaroni: "We hope, in fact, to achieve a fourth consecutive profit."
When preparing the projected accounts under the assumption of business continuity, the directors believe equity injection will not be needed even in the worst-case scenario, that is, if Milan were to miss out on the Champions League for a second consecutive year.
Cardinale, therefore, can remain calm and focus on repaying the loan to Elliott: 489 million plus interest by July 2028.
Meanwhile, over the past 12 months, the use of factoring (advance on future receivables) increased from 99 to 136 million. It should be noted that Milan holds no bonds, unlike Inter and Juventus, and has a stronger net financial position (-93 million). Moreover, net assets as of June 30, 2025, amount to 199 million.
How much is AC Milan's revenue?
The most positive note in the accounts comes from the steady growth of core revenue, in line with RedBird’s project, which brought its expertise in sports, media, and entertainment. In 2019–20, revenue excluding player trading stood at only 164 million. In 2023–24, for the first time, it broke the 400 million mark, reaching 411 million last year.
TV rights slightly increased (from 152 to 154 million), while stadium revenue (70) and sponsorships (91) remained stable compared to 2023–24. Other commercial income jumped from 53 to 62 million, driven by e-commerce sales and the new store on Via Dante. There was also a 9 million inflow from the fee of a new partner.
As for the sponsorship deal with the government of the Democratic Republic of the Congo, which included the back of the shirt, Milan terminated the contract last January due to non-payment. The club initiated arbitration, reached a settlement, and in May signed a new three-year agreement with different terms from the original one.
