Milan risk paying a heavy price for the ups and downs of this season. For Amorim’s team, the moment of truth has already arrived: the defeat against Ferencváros, their third loss in four Europa League matches, has terribly complicated their European campaign, turning what in September seemed like an achievable objective into a pursuit full of obstacles. But the problem is not only sporting. Because behind the disappointing cup results of Gonçalo Ramos and his teammates lies a potentially very hefty bill, one that risks affecting next season as well.
Between the unsuccessful Europa League campaign and a possible third consecutive absence from the Champions League, tens of millions of euros are at stake for the Rossoneri, and the “negative” balance, in the end, could even exceed the 100 million mark.
First, Europe
Let us start with the current Europa League. At the moment, after the first four matches of the league phase, the Rossoneri’s revenues stand at around €14.6 million, without taking into account the ticketing revenues from the two home matches. Direct qualification for the round of 16, initially identified as the minimum objective, has meanwhile turned into one of those gruelling mountain stages that finish on the Zoncolan. So much so that, after collecting three points in the first 360 minutes, even taking maximum points (finishing on 15) from the final four matches might not be enough: in 2024-25, 14 points and a positive goal difference were sufficient to finish among the top eight, while last year as many as 16 were needed, as explained via La Gazzetta dello Sport today.
And looking at the schedule, the race for the playoffs has also become more complicated, given that another 6-7 points could still be required, something far from guaranteed. The calculations are straightforward: elimination already in the first phase would result in approximately €8 million in lost revenues relating to the round of 16 alone, between UEFA prize money and ticket sales.
Looking at the broader picture, considering that at the beginning of the season the Rossoneri were nevertheless regarded as among the potential favourites, a run to the final, perhaps crowned by winning the trophy, would allow total revenues of €40 million, possibly even a little more. And, besides the possibility of lifting a trophy, it would also open the way to qualification for next season’s Champions League.
Milan and the Champions League...
Yes, the former European Cup, which Milan have already missed for two consecutive seasons. Remaining out of it next season as well would further complicate the path of the RedBird project. Also because the 2027-28 season will mark the beginning of UEFA’s new commercial and television rights cycle, with figures expected to increase significantly: according to what La Gazzetta reported in recent weeks, the effect will be to increase the prize money allocated to clubs, which should rise from €2.46 billion to €2.8 billion.
To simplify the concept, for the Rossoneri this would mean an increase in minimum revenues from around €40 million to approximately €50 million, all before even stepping onto the pitch. To this figure must be added around €10-15 million in ticketing revenues, considering that in 2024-25 Milan recorded approximately €12 million in revenues from European home matches in their accounts, of which around €5 million came from the match against Liverpool alone.
Failing to qualify for next season would mean missing out on a cheque worth at least €60 million, a figure that could, without too much difficulty, quickly grow to €70-80 million. A loss of no small significance for a club that, in 2025-26, excluding almost €110 million from player trading, recorded turnover of approximately €350 million: qualifying for the Champions League would mean increasing revenues by more than 20% and fuelling that virtuous circle linked to Europe’s premier competition.
All this while awaiting the positive boost that will come from the new half-billion-euro agreement over 10 years with Adidas (which will begin in 2028). In the meantime, Cardinale has not failed to provide financial support, with the €53 million paid in last August for a future capital increase: one more reason not to make mistakes, once again, on the pitch.
